Section 96 of IBC : Section 96: Interim Moratorium
IBC
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Explanation using Example
Imagine a situation where a small business owner, Mr. Sharma, is struggling to pay off his business debts due to a downturn in the market. His creditors are constantly pressuring him for repayment, and some have even threatened legal action. To address this situation, Mr. Sharma decides to file an application under section 94 of the Insolvency and Bankruptcy Code, 2016, seeking relief and time to reorganize his finances.
As soon as Mr. Sharma files the application:
- An interim moratorium begins, which means that from the date of his application, all his debts are put on hold, and hi...
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