Section 14 of IBC : Section 14: Moratorium
IBC
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Explanation using Example
Imagine a company, XYZ Pvt. Ltd., is facing financial difficulties and is unable to pay its debts. One of its creditors initiates insolvency proceedings against XYZ Pvt. Ltd. by filing an application to the National Company Law Tribunal (NCLT), which is the Adjudicating Authority for insolvency cases. On the date the insolvency process commences (known as the insolvency commencement date), the NCLT, per Section 14 of the Insolvency and Bankruptcy Code, 2016, declares a moratorium.
As a result, the following occurs:
- Any ongoing l...
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