After a corporate insolvency resolution process against a corporate debtor was admitted by the NCLT on 1 March, its creditor bank invoked the SARFAESI Act and took possession of the debtor's assets on 15 March. Which of the following is correct under the Insolvency and Bankruptcy Code 2016?

On the admission of an application for the corporate insolvency resolution process, Section 14 of the IBC 2016 imposes a moratorium prohibiting the institution or continuation of suits against the corporate debtor, the execution of decrees, the transfer of assets, the recovery of property in the possession of the corporate debtor, and the enforcement of any security interest created by the corporate debtor. The bank's invocation of SARFAESI and the taking of possession on 15 March, after admission on 1 March, contravene Section 14, and by virtue of the 2019 amendment any action taken in contravention of the section is void. Section 14(3) exempts only such transactions as the Central Government may notify and the supply of essential goods and services; no exemption protects a secured creditor's enforcement action during the moratorium.