Section 96: Interim moratorium.

The Insolvency and Bankruptcy Code, 2016.Central Act · Act 31 of 2016

(1) When an application is filed under section 94 or section 95—

(a) an interim-moratorium shall commence on the date of the application in relation to all the debts and shall cease to have effect on the date of admission of such application; and

(b) during the interim-moratorium period—

(i) any legal action or proceeding pending in respect of any debt shall be deemed to have been stayed; and

(ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt.

(2) Where the application has been made in relation to a firm, the interim-moratorium under sub-section (1) shall operate against all the partners of the firm as on the date of the application.

(3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.

Where this provision sits

Act	The Insolvency and Bankruptcy Code, 2016.
Section	96
Marginal note	Interim moratorium.
Jurisdiction	Central
Status	In force as published by the source
Judgments citing it	11

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