Answer-Once the Corporate Insolvency Resolution Process (CIRP) commences, a MORATORIUM against institution/...

Section 14 of the IBC imposes a moratorium on the commencement or continuation of legal proceedings, enforcement of security interests, recovery of property and transferdisposal of the corporate debtors assets during the CIRP. It freezes the corporate debtors position to allow an orderly resolution. The moratorium continues until the completion of the CIRP or the approval of a resolution plan. Section 7 is the financial creditors application for initiation, Section 12 fixes CIRP timelines, and Section 33 deals with liquidation. The moratorium is central to the resolution-first philosophy of the Code.

Question

Once the Corporate Insolvency Resolution Process (CIR

P commences, a MORATORIUM against institution/continuation of suits, enforcement of security interest and transfer of assets is declared under which section of the Insolvency and Bankruptcy Code, 2016?

A Section 12

B Section 33

C Section 14

D Section 7

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