NCLAT Rules 180-Day Moratorium Under IBC Section 101(1) Is Mandatory, Cannot Be Extended By Any Authority.

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....NCLAT determined that the moratorium period of 180 days u/s 101(1) of IBC is mandatory, not directory, and cannot be extended by either the Adjudicating Authority or the Appellate Tribunal. The Tribunal emphasized that the statutory language is unambiguous, setting a clear outer limit for moratorium either at 180 days from admission or when the Adjudicating Authority passes an order on the Repayment Plan, whichever occurs earlier. The Tribunal distinguished this from provisions like Section 54D and Section 54N, noting that Section 101(1)'s express limitation precludes judicial discretion to extend the moratorium period. The appeal challenging the non-extension of moratorium beyond 180 days during PIRP was dismissed, affirming the statutory cessation of moratorium.....