Section 9 of IBC : Section 9: Application For Initiation Of Corporate Insolvency Resolution Process By Operational Creditor

IBC

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Explanation using Example

Imagine a scenario where ABC Pvt. Ltd. provided IT services to XYZ Corp. and raised an invoice of $50,000 for services rendered. Despite multiple reminders, XYZ Corp. fails to make the payment. After the due date, ABC Pvt. Ltd. sends a formal notice demanding payment as per the Insolvency and Bankruptcy Code. Ten days pass without any payment or dispute notice from XYZ Corp.

ABC Pvt. Ltd. then decides to initiate a corporate insolvency resolution process against XYZ Corp. They file an app...

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