Section 9(1) of IBC mandate filing of CIRP application 10 days after receipt of demand notice by Corporate Debtor

Aypols Polymers Private Limited Vs Suvarna Fibrotech Pvt Ltd. (NCLT Mumbai) NCLT noticed that the Operational Creditor served a demand notice in Form 3 on 18.02.2020 and has not filed any proof of service and petition was filed on 19.02.2020 vide Reference No 2709138010602020. It is pertinent to note that Section 8(1) of the Code provides delivery of Demand Notice on unpaid Operational Debt and Section 8(2) provides 10 days’ time to the Corporate Debtor to responds to such notice. Section 9 of Code permits the Operational Creditor after expiry of 10 days provided in sec 8(2) to file an appli...