Corporate insolvency resolution process by operational creditor depends on demand notice, no dispute, and timely admission requirements. Application for initiation of corporate insolvency resolution process by an operational creditor may be filed after expiry of ten days from delivery of the demand notice or invoice if no payment or notice of dispute is received. The application must be in the prescribed form and accompanied by the demand notice, an affidavit of no dispute, and proof of non-payment, and the operational creditor may propose a resolution professional. The Adjudicating Authority must admit or reject the application within fourteen days on specified grounds, allow seven days to cure defects, and record reasons for delay. The corporate insolvency resolution process commences on admission.
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.
Corporate insolvency resolution process by operational creditor depends on demand notice, no dispute, and timely admission requirements.
Application for initiation of corporate insolvency resolution process by an operational creditor may be filed after expiry of ten days from delivery of the demand notice or invoice if no payment or notice of dispute is received. The application must be in the prescribed form and accompanied by the demand notice, an affidavit of no dispute, and proof of non-payment, and the operational creditor may propose a resolution professional. The Adjudicating Authority must admit or reject the application within fourteen days on specified grounds, allow seven days to cure defects, and record reasons for delay. The corporate insolvency resolution process commences on admission.
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