Interim- moratorium
(1) When an application is filed under section 94 or section 95 –
(a) an interim-moratorium shall commence on the date of the application in relation to all the debt s and shall cease to have effect on the date of admission of such application; and
(b) during the interim-moratorium period –
(i) any pending legal action or proceeding in respect of any debt shall be deemed to have been stayed; and
(ii) the creditors of the debtor shall not initiate any legal action or proceedings in respect of any debt .
(2) Where the application has been made in relation to a firm, the interim- moratorium under sub-section (1) shall operate against all the partners of the firm as on the date of the application.
(3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
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