law: 96. 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 debts and shall cease to have effect on the date of admission of such application; and
  (b) during the interim-moratorium period-
  (i) any legal action or proceeding pending 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.