Section 8 of IBC : Section 8: Insolvency Resolution By Operational Creditor
IBC
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Explanation using Example
Imagine a company, 'ABC Suppliers,' provides raw materials to 'XYZ Manufacturing.' XYZ Manufacturing fails to pay for the materials received, amounting to a significant sum, which they were contractually obligated to pay within 90 days. After 100 days without payment, ABC Suppliers, as an operational creditor, decides to take action under Section 8 of The Insolvency and Bankruptcy Code, 2016.
ABC Suppliers sends a demand notice to XYZ Manufacturing, including a copy of the overdue i...
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