Last Updated on June 10, 2024 by Satish Mishra
Demand Notice is a must before initiating Insolvency proceedings under Sec 9 of the Insolvency Banking Code (IBC) , 2016 against any Corporate Debtor is settled by various courts of the country.
You can take the help of NCLT Chandigarh Lawyer/Advocate/Legal Advisor for sending Demand Notice on your behalf. He/She may charge you reasonably depending on your debt.
Also Read- MOVE TO NCLT CHANDIGARH FOR INSOLVENCY
Following things should clearly be mentioned in the demand notice:
1 There should be an Operational Debt against which the default has occurred.
2 The demand notice can be sent in form and manner as prescribed under the Act.
3 It should state clearly that within 10 days if the money is not paid, then Insolvency proceedings may be initiated against the corporate debtor.
4 It should be sent to the registered address of the corporate debtor or the last/best address known.
5 The same may be kindly sent electronically to email address or managing director of the company.
Also Read- RECOVER YOUR SALARY THROUGH NCLT CHANDIGARH
It is only after these conditions are fulfilled that a case may be filed under section 9(2) of Insolvency Code.
This can be ascertained from the fact that when you are applying for Insolvency petition, the invoice or demand notice is mandatory attached or disclosed in petition.
Form 3 of the IBC talks about the Demand Notice to corporate debtor. NCLT Chandigarh after assessing your claim will meticulously draft Demand Notice for yourself.
Note that homebuyers are also one category of operational creditors and they too have the right to invoke Insolvency proceedings.
So if the homebuyers rather than moving to RERA may also move to NCLT Chandigarh for satisfying their claims.
Also Read- NCLT FOR HOMEBUYERS
The documents mentioning the claim of operational Creditor may also be sent along with the Insolvency demand notice.
The only thing which should be take care is that the debt should be existing between operational Creditor and corporate debtor and it should not be disputed.
No arbitration proceedings or any sort of mediation should have been started between the parties before sending demand notice or else the operational creditor can’t agitate his claims before the Adjudicating Authority.
Also Read- BENEFITS OF INSOLVENCY LAW FOR CORPORATE
The Insolvency demand notice gives 10 days time to corporate debtor to repay the debt or else Insolvency proceedings may be initiated against it.
Thus, if you are a business, vendor, homebuyer or corporate entity and looking forward to realise your claim through Insolvency, then you must send Demand Notice which is mandatory as per statute through best/Top NCLT Chandigarh lawyer /Advocate.
Also Read- HOMBUYERS AND INSOLVENCY
This post is written by Advocate Satish Mishra. For more info on subject, please dial 99888-17966.
