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Section 8 : Insolvency resolution by operational creditor

(1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed.

(2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor-

(a) existence of a dispute, if any, and record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute;

(b) the repayment of unpaid operational debt-

(i) by sending an attested copy of the record of electronic transfer of the unpaid amount from the bank account of the corporate debtor; or

(ii) by sending an attested copy of record that the operational creditor has encashed a cheque issued by the corporate debtor.

Explanation.-For the purposes of this section, a "demand notice" means a notice served by an operational creditor to the corporate debtor demanding repayment of the operational debt in respect of which the default has occurred.

Insolvency and Bankruptcy Code 2016

Section 2 Application

Section 3 Definitions

Section 4 Application of Part II

Section 5 Definitions of Part II

Section 6 Persons who may initiate corporate insolvency resolution process

Section 7 Initiation of corporate insolvency resolution process by financial creditor

Section 8 Insolvency resolution by operational creditor

Section 9 Application for initiation of corporate insolvency resolution process by operational creditor

Section 10 Initiation of corporate insolvency resolution process by corporate applicant

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