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of <h1>Operational Creditor Must Issue Demand Notice Under IBC Section 8 Before Insolvency Proceedings; Disputes Must Be Genuine</h1> The Corporate Insolvency Resolution Process (CIRP) under Section 8 of the Insolvency and Bankruptcy Code (IBC) involves an operational creditor issuing a demand notice to a corporate debtor upon default. The debtor has 10 days to respond, either by acknowledging a dispute or proving payment. The demand notice is a mandatory step before initiating insolvency proceedings. Judicial interpretations emphasize that disputes must be genuine and not fabricated, and the notice is not a mere formality. The process ensures that the operational creditor cannot misuse the Code for non-genuine disputes or premature claims.
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