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Question

According to the IBC if the operational creditor does not receive payment from the corporate debtor or notice of the dispute, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process. So, what is the period for the delivery of the notice or invoice demanding payment.

A Ten days Correct Answer Incorrect Answer
B Seven days Correct Answer Incorrect Answer
C Fifteen days Correct Answer Incorrect Answer
D Fourteen days Correct Answer Incorrect Answer
E Forty-five days Correct Answer Incorrect Answer

Solution

IBC Section 9-Application for initiation of corporate insolvency resolution process by operational creditor: (1) After the expiry of the period of ten days from the date of delivery of the notice or invoice demanding payment under sub-section (1) of section 8, if the operational creditor does not receive payment from the corporate debtor or notice of the dispute under sub-section (2) of section 8, the operational creditor may file an application before the Adjudicating Authority for initiating a corporate insolvency resolution process.

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