Under Section 14 of the IBC, the Central Government, State Government, local authority or sectoral regulator or any other authority cannot suspend or terminate a licence, permit, quota, concession, clearance on the grounds of insolvency. This restraint on the State and its authorities is subject to:

If the Central Government, State Government, local authority or sectoral regulator are accepted as financial creditors in CIRP
If there is no default in payment of current dues arising for the use or continuation of the licence, permit, quota, concession or clearance
Payment of all pending dues until commencement of the CIRP
If there is no clause in the licence agreement that permits termination on grounds of insolvency