Under Section 14 IBC, when an application for CIRP is admitted by NCLT, an immediate MORATORIUM is declared, prohibiting:

1. Section 14(1) IBC declares MORATORIUM on the insolvency commencement date prohibiting: (a) institution of suits or continuation of pending suits or proceedings against the corporate debtor; (b) transferring, encumbering, alienating or disposing of any assets or any legal right or beneficial interest of the corporate debtor; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor (including SARFAESI Act); (d) recovery of any property in possession of the corporate debtor by an owner or lessor. 2. Section 14(3) (post-2018 amendment): the moratorium does NOT apply to (a) suretyship/guarantee for the corporate debtor; (b) transactions notified by Central Government in public interest. 3. The moratorium continues until completion of CIRP / approval of resolution plan / liquidation. 4. Hence option B is correct. _Source: Companies Act 2013 (Act 18 of 2013), Govt. of India MCA — Insolvency and Bankruptcy Code 2016, Section 14_