In a lending landscape increasingly populated by partial assignments to asset reconstruction companies and multi-lender consent arbitrations, the discipline is likely to prove the judgment’s most durable contribution.

A moratorium construed strictly enough to protect only the named corporate debtor answers a textual question without resolving the adjudicatory and systemic ones that composite proceedings against non-debtors actually raise.

Whatever the High Court decides in March 2027, the case exposes a gap in design rather than a rogue order.