Stay of suits, etc.

Moratorium

Notwithstanding anything contained in any other law for the time being in force or in any contract, custom or usage to the contrary,—

1. (i) no court shall entertain any suit, application or proceeding against a debtor in respect of any debt incurred by him;
2. (ii) all suits, applications or proceedings in relation to the recovery of debt pending before a court shall abate on the date of coming into force of this Act.