All legal proceedings deemed stayed when moratorium under Section 96 IBC kicks in: Delhi High Court

The Court said that moratorium under Section 96 of the IBC comes into effect as soon as an application is filed by a creditor or debtor for insolvency proceedings under Section 94 or 95.
 IBC, Delhi High Court
IBC, Delhi High Court

The Delhi High Court recently held that the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC) kicks in as soon as an application is filed by a creditor or debtor for insolvency proceedings under Section 94 or 95 and as a result of this all pending legal proceedings in respect of any debt are also deemed to have been stayed.

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