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Section 101 : Moratorium

(1) When the application is admitted under section 100, a moratorium shall commence in relation to all the debts and shall cease to have effect at the end of the period of one hundred and eighty days beginning with the date of admission of the application or on the date the Adjudicating Authority passes an order on the repayment plan under section 114, whichever is earlier.

(2) During the moratorium period-
(a) any pending legal action or proceeding in respect of any debt shall be deemed to have been stayed;

(b) the creditors shall not initiate any legal action or legal proceedings in respect of any debt; and

(c) the debtor shall not transfer, alienate, encumber or dispose of any of his assets or his legal rights or beneficial interest therein;

(3) Where an order admitting the application under section 96 has been made in relation to a firm, the moratorium under sub-section (1) shall operate against all the partners of the firm.

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



Insolvency and Bankruptcy Code 2016

Section 101 Moratorium

Section 102 Public notice and claims from creditors

Section 103 Registering of claims by creditors

Section 104 Preparation of list of creditors

Section 105 Repayment plan

Section 106 Report of resolution professional on repayment plan

Section 107 Summoning of meeting of creditors

Section 108 Conduct of meeting of creditors

Section 109 Voting rights in meeting of creditors

Section 110 Rights of secured creditors in relation to repayment plan

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