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of <h1>Insolvency and Bankruptcy Code: Form 3 Demand Notice for Debtors under Rule 5, Initiating Insolvency Proceedings</h1> Form 3 under the Insolvency and Bankruptcy Code, 2016, is a demand notice or invoice used to request payment from a debtor. It is part of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, specifically referenced in clause (a) of sub-rule (1) of rule 5. This form is utilized by creditors to initiate insolvency proceedings by formally notifying the debtor of the outstanding debt and demanding payment, thereby setting the stage for potential adjudication under the Code.
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