Demand notice by operational creditor triggers corporate debtor response on dispute or proof of payment under insolvency law. An operational creditor may, on default, serve a demand notice or copy of the invoice demanding payment of unpaid operational debt on the corporate debtor in the prescribed form and manner. Within ten days of receipt, the corporate debtor must notify the operational creditor of any dispute with pending suit or arbitration proceedings, or of payment of the unpaid debt by attested proof of electronic transfer or cheque encashment. A demand notice means a notice demanding payment of the operational debt in respect of which default has occurred.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Demand notice by operational creditor triggers corporate debtor response on dispute or proof of payment under insolvency law.
An operational creditor may, on default, serve a demand notice or copy of the invoice demanding payment of unpaid operational debt on the corporate debtor in the prescribed form and manner. Within ten days of receipt, the corporate debtor must notify the operational creditor of any dispute with pending suit or arbitration proceedings, or of payment of the unpaid debt by attested proof of electronic transfer or cheque encashment. A demand notice means a notice demanding payment of the operational debt in respect of which default has occurred.
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