Section 85 of IBC : Section 85: Effect Of Admission Of Application
IBC
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Explanation using Example
Imagine that Mr. Sharma, who is facing financial difficulties, has filed for insolvency under the Insolvency and Bankruptcy Code, 2016. The court admits his application on June 1, 2023. On this date, a moratorium period begins for Mr. Sharma, protecting him from legal action by his creditors regarding his debts.
During this moratorium period:
- Any lawsuits against Mr. Sharma for debt recovery are put on hold.
- Creditors are barred from s...
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