Question
Under the Insolvency and Bankruptcy Code, 2016, which of
the following correctly describes the "moratorium" declared under Section 14 during the Corporate Insolvency Resolution Process (CIRP)?Solution
Section 14 of the IBC, 2016 declares a moratorium upon admission of an insolvency application by the Adjudicating Authority (NCLT). The moratorium prohibits: (i) institution or continuation of suits or proceedings against the corporate debtor; (ii) transferring, encumbering, alienating or disposing of any assets; (iii) enforcement of any security interest created by the corporate debtor; and (iv) recovery of any property by an owner or lessor. Critically, the moratorium does not prevent payment of employee salaries or day-to-day running of the business the Interim Resolution Professional (IRP) is duty-bound to keep the corporate debtor as a going concern during the CIRP. Option (A) is wrong as the moratorium applies to all creditors equally; Option (C) conflates management suspension with moratorium; and Option (D) incorrectly includes routine operational payments as prohibited
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