Insolvency and Bankruptcy Lawyer in Delhi / India

In case of non-fulfilment of the payment obligation, the operating creditor may send to the debtor of the company a demand for an unpaid operating debt invoice, which requires payment of the amount related to the non-payment ​​​​​​​​​​​​​​​​​​​​according to the Law on Insolvency and Bankruptcy.

After receiving a copy of the invoice, the debtor of the company must notify the creditor (a) of the existence of a dispute within ten days of the demand or the date specified in paragraph 1. , if any, and a statement of the pendency of any action or arbitration brought before receipt of the dispute notice or invoice; b) repayment of pending operating debt by sending a certified copy of the electronic transfer of the pending amount from the bank account of the debtor company; or by sending a certified copy of a check issued by the corporate debtor paid by the creditor.

After ten days from the delivery of the invoice demanding payment in accordance with § 8(1), if the operating creditor does not receive payment from the debtor company or a notice of dispute in accordance with § 8(2), the operating creditor may apply to the NCLT to initiate insolvency proceedings for the company to establish insolvency and in accordance with section 9 of the Bankruptcy Act 2016

A functioning creditor who commences insolvency proceedings referred to in this section may propose a resolution professional to act. as an interim resolution professional.

 It is accepted by both parties. It is an initial attempt to resolve the dispute before the case goes to court. This is followed by a sponsorship negotiation process. Mediation before trial not only saves the parties time and money, but also speeds up the process. And they also understand the characteristics, behaviours and needs of each group. The process is carried out with the help of a mediator, who manages the communication, but the process itself is strictly confidential. The mediator will work with the parties and their attorneys to resolve the dispute and may not make a decision for either party.All types of cases can go through effective means of mediation before trial, such as marital disputes, business disputes, insurance disputes, civil disputes, etc. Dispute resolutions reached in mediation before trial are written and signed by both parties. A formal settlement agreement is given to the court, and that agreement is binding on both parties.