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Demand Notice Under Section 8

NEED FOR DEMAND NOTICE-

Under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as, the "Code"), for operational creditors to initiate a corporate insolvency resolution process (hereinafter referred to as "CIRP"), two steps are required to be followed. The first step is that the creditor has to deliver a demand notice under Section 8 of the Code to the Corporate Debtor regarding the non-payment of dues and then subsequently if there is no dispute raised by the Corporate Debtor or there is the absence of payment, the CIRP can be initiated under the provisions of Section 9 of the Code. In a recent judgment, the Hon'ble Supreme Court had the opportunity to settle the law on two issues that were impeding the right of the Operational Creditors in initiating the CIRP against the Corporate Debtors.

Insolvency is that state when one is unable to pay the debt. Demand Notice to recover the debt is sent under section 8 of Insolvency & Bankruptcy Code, 2016 by the creditor to the operational debtor. IB Code also prescribe the procedure to file an insolvency proceeding before National Company Law Tribunal.

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