Section 9 IBC, the Adjudicating Authority
under Section 14(1) IBC passes an order to declare a moratorium. On the other hand,
Section 94 IBC ... section 14 IBC and
not section 96 IBC. Hence, the observations made therein can be read only in the
context of a moratorium under section
been stayed as
per Section 96(b) of the IBC 2016, on the petitioner filing an
application under Section 94 of the IBC 2016 before ... view of Section 238 of the IBC
2016, the IBC 2016 will have overriding effect. But, Section
238 of the IBC 2016 cannot oust
cannot take take
a decision under Sec. 100 IBC, and the decision to dismiss the petitions
under Sec.94 without the report ... they had filed under Sec. 94 to RP, and RP's failure to
file his report under Sec.99 IBC. The Adjudicating Authority
cannot take take
a decision under Sec. 100 IBC, and the decision to dismiss the petitions
under Sec.94 without the report ... they had filed under Sec. 94 to RP, and RP's failure to
file his report under Sec.99 IBC. The Adjudicating Authority
IBC before NCLT, Chandigarh on
14.12.2020 and 10.02.2021. He contended that
Section 96 IBC provides that when an application is
filed under Section 94 IBC ... 94 IBC, in terms of Section 96 IBC.
19. Hon'ble High Court of Delhi, after taking note
of provisions under Section 94
IBC. Section 96 of the IBC has been
reproduced below:
"96. Interim-moratorium.--(1) When an application is filed under
Section 94 or Section ... Section 100 . Upon admission, the moratorium under
Section 101 comes into operation. The interim moratorium under
Section 96 and the moratorium under Section 101 IBC
been stayed. Section 96 , of the IBC reads as
under:-
"96. Interim-moratorium - (1) When an application is filed under section 94
or section ... application under Section 94 of the IBC itself. Section 94 read with
Section 96 of the IBC is applicable to Personal Guarantors and the petitioner
original borrowers/guarantors initiate collusive proceedings
under Section 94 or Section 95 of the IBC, claiming triggering of
moratorium under Section 96 thereof, the moment ... immediately triggered under Section 96 of the IBC. A
perusal of Section 96 of the IBC shows that under sub-Section (1)
(a), an interim
provisions of Section 94 and Section
95. According to the Petitioner the provisions of Section 94 &
95 of the IBC are a tool ... initiated upon filing of the
application under Section 94 or Section 95 of IBC. In order to
uphold the essence of the provisions, including
guarantor to file Section 94 application.
The Appellant was therefore entitled to exercise their statutory right under
Section 94 of IBC to submit a repayment ... application under
Section 94 at the stage of Section 100 lacks substance. Since the report under
Section 99 of the IBC had already been filed
