File the Section 8 Demand Notice
Under the Insolvency and Bankruptcy Code, the debtor is given an opportunity to settle the debts until the start of insolvency resolution. A creditor gives him a Notice of the Section 8 Application for this reason. Mycompanywala is well versed in the format and can help you file request notice under IBC section 8.
In 2016 the Code on Insolvency and Bankruptcy was introduced. Under section 8 of this law, the debtor is granted a chance to settle the debts before filing the petition to start the insolvency resolution. It is achieved by filing a Notice of Application under section 8 of IBC 2016 code.
Under IBC section 8, the creditor gives the debtor a claim notice of section 8 along with the invoice of unpaid financial/operational debts. The debtor will respond to the notice of demand within 10 days from receipt. Unless the debtor fails to respond to the notice within 10 days, or the request is unsatisfactory, the insolvency resolution petition may be lodged.
Some of the main advantages of Section 8 Request Notice is that it can help in debt reduction. This is because cases relating to insolvency resolution can be a lengthy affair. Thus, debtors may frequently seek to avoid it making the warning very useful to the borrower.
The demand notice under IBC has a particular format requiring the creditor to fill it with the details that is completely correct. Here's where Mycompanywala industry experts will support you.
Mycompanywala is a team of insolvency experts who can help you draft the correct notice by following the proper format of the request notice in section 8. Our legal team ensures every aspect of the Notice of Demand is without any problems.
Following are the documents required to file draft a Section 8 demand notice:
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