Understanding the Significance of Demand Notices Under IBC

Ancoraa Resolution23 Dec, 2023Finance

In the intricate world of insolvency and bankruptcy, the issuance of demand notices plays a pivotal role. This blog aims to provide a comprehensive understanding of the importance, process, and implications of demand notices under the Insolvency and Bankruptcy Code (IBC). Demand notices under IBC serve as formal communication, signaling the initiation of insolvency proceedings against a debtor. The primary purpose is to alert the debtor of the outstanding debt and pave the way for the resolution process.