Definition
In personal insolvency proceedings under Part III of the IBC, an automatic moratorium comes into effect from the date an application is filed against an individual or partnership. This protects the debtor from debt enforcement during the resolution process. Distinguished from the corporate moratorium under Section 14 IBC which applies only to corporate debtors.
Related Terms
IBCPersonal InsolvencyDRT
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates