Ins. by Act 26 of 2019, s. 3 (w.e.f. 16-08-2019). — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

1. Ins. by Act 26 of 2019, s. 3 (w.e.f. 16-08-2019). 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, 1 [if any, or] 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 2 [payment] 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 3 [payment] of the operational debt in respect of which the default has occurred.

Section 1