Embedded Files
Insolvency and Banking Code, 2016 Section 8
Delivery of demand notice in terms of Section 8(1) of the ‘I&B Code’ is a sine-qua-non
Delivery of demand notice in terms of Section 8(1) of the ‘I&B Code’ is a sine-qua-non
Where it is the Corporate Debtor who refused to accept delivery of notice, the Adjudicating Authority would not be justified in coming to conclusion that notice has not been served
Where it is the Corporate Debtor who refused to accept delivery of notice, the Adjudicating Authority would not be justified in coming to conclusion that notice has not been served
IBC, Section 8(1) - Delivery of demand notice in terms of Section 8(1) of the ‘I&B Code’ is a sine-qua-non for initiation of CIRP at the instance of Operational Creditor who is entitled to file the application under Section 9 of the ‘I&B Code’ only after complying with the statutory requirements - In the instant case, the demand notice / postal article was returned undelivered as the Corporate Debtor refused to accept delivery - Notice issued by the Adjudicating Authority has been delivered to Corporate Debtor on on the same address, in response whereof Respondent appeared – Where it is the Corporate Debtor who refused to accept delivery of notice, the Adjudicating Authority would not be justified in coming to conclusion that notice has not been served on the Corporate Debtor.
Notice issued through Advocate or by a person other than an Advocate – Authorisation
Notice issued through Advocate or by a person other than an Advocate – Authorisation
IBC, Section 8(1) - Notice issued through Advocate or by a person other than an Advocate – Authorisation - In case of a person other than an Advocate, the Board Resolution would be required but in the event of a demand notice being issued by an Advocate duly instructed by his client (Operational Creditor), there is no need of requirement of authority being backed by the Board Resolution - Once Advocate was duly instructed to issue the demand notice, there was no room for holding that the notice delivered by the Advocate was not a notice delivered by an authorized person.
If the notice is returned unserved because of some reason other than that attributed to the Corporate Debtor
If the notice is returned unserved because of some reason other than that attributed to the Corporate Debtor
IBC, Section 8(1) - If the notice is returned unserved on account of the addressee being not available on the given address or the venue of addressee being non-existent or the delivery of notice being frustrated because of some reason other than that attributed to the Corporate Debtor, the fact of notice having been returned unserved would amount to non-delivery of notice.
Report abuse