{"id":243994,"date":"2021-02-17T17:41:35","date_gmt":"2021-02-17T12:11:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=243994"},"modified":"2021-02-17T17:45:34","modified_gmt":"2021-02-17T12:15:34","slug":"insolvency","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/17\/insolvency\/","title":{"rendered":"NCLAT | Insolvency process proceeded without \u2018Demand Notice\u2019 being served under S. 8 IBC due to change in ‘registered address\u2019. Does Insolvency and Bankruptcy Code allow to proceed in such circumstances? Read on"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): <\/strong>The Division Bench of Venugopal M (Judicial Member) and Alok Srivastava (Technical Member) held that a demand notice is a forerunner to the commencement of insolvency proceedings against a corporate debtor. Unpaid demand notice is good enough to exhibit the debtor\u2019s inability to pay its debts for bankruptcy proceedings. If a bonafide dispute is established then an \u2018Insolvency\u2019 petition is not the appropriate proceeding to determine the validity of a disputed debt.<\/p>\n

On being aggrieved with the decision of National Company Law Tribunal, Mumbai, the present Company Appeal was preferred by the appellant.<\/p>\n

Appellant submitted that no \u2018Demand Notice\u2019 was ever served on the Corporate Debtor\/Second Respondent as per Section 8 of the Insolvency and Bankruptcy Code.<\/p>\n

Tribunal\u2019s Assessment<\/u><\/strong><\/p>\n

Tribunal noted that the appellant\u2019s plea stated that the alleged Demand Notice of the respondent 1 was sent to an address and the same was not registered address of the \u2018Corporate Debtor\u2019 as per the master data of the \u2018Corporate Debtor\u2019 on MCA website.<\/p>\n

Further, it was submitted by the appellant that the Demand Notice was knowingly addressed to the wrong address of the \u2018Corporate Debtor\u2019 by respondent 1.<\/p>\n

Tribunal expressed that:<\/p>\n

As per Section 8 of the I&B Code an Operational Creditor is required to deliver a demand notice on the occurrence of the default within ten days from the receipt of the demand notice, the Corporate Debtor shall bring to the notice of the Operational Creditor \u2018the existence of the dispute\u2019, if any, and the record of the pendency of the suit or arbitration proceedings before the receipt of such notice or invoice in relation to such dispute.<\/p>\n

While proceeding with discussion in the above matter, Bench also stated that a change in address of the registered office of the \u2018Corporate Debtor\u2019 cannot be a ruse for the failure of the party concerned to send\/issue a \u2018Demand Notice\u2019 as per Section 8 of the I&B Code. In fact, serving the demand notice to the corporate debtor is mandatory.<\/p>\n

\n

\u201cIf a demand notice payment under the code is issued, the \u2018Corporate Debtor\u2019 will appreciate in right earnest the consequences flowing on account of failure to pay the \u2018operational debt\u2019. Also, that . after transfer of the case form High Court to Tribunal (in respect of winding up petition) an Operational Creditor is required to submit all information including the details of the proposed Insolvency Professional.\u201d<\/strong><\/p>\n<\/blockquote>\n

Tribunal opined that service of \u2018Demand Notice\u2019 to the second respondent is mandatory as per Section 8 of the Code.<\/p>\n

Further the Bench while making observations in the present matter also added that it cannot be forgotten that the proceedings under Section 138 NI Act pertain to criminal liability for dishonour of cheques issued and do not bar an application under Section 9 of the Code. Likewise, the pendency of proceedings under Order 37 of the civil Procedure Code will not prohibit an application under Section 9 of the Code.<\/p>\n

While concluding, the Tribunal held that:<\/p>\n

Since the \u2018Service of notice\u2019 at the registered address of the \u2018Corporate Debtor\u2019 was not established to the subjective satisfaction of the Tribunal and the admitted fact being that the notice sent to the second respondent at its registered office got returned, the said admission of debt and the reference with regard to NI Act that a holder of cheque <\/em>received the cheque for the discharge either in whole or in part of any debt or other liability will not in any way heighten or improve the case of appellant.<\/p>\n

Since the notice as per Section 8 of I&B Code was not served upon the corporate debtor and the same got returned, NCLT\u2019s decision is to be set aside.<\/p>\n

Hence NCLT\u2019s order is to be declared as illegal in appointing the \u2018Interim Resolution Professional\u2019 declaring moratorium and all other orders passed. \u00a0Corporate Debtor is therefore released from all the rigour of law and is allowed to function independently through its Board of Directors.<\/p>\n

Before parting, Tribunal granted liberty to the Operational Creditor to issue a fresh notice under Section 8 of I&B Code and on receipt of such notice of service if there is \u2018Debt and Default\u2019 to file a fresh application under Section 9 IBC. [Shailendra Sharma v. Ercon Composites, 2021 SCC OnLine NCLAT 3<\/a>, decided on 13-01-2021]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): The Division Bench of Venugopal M (Judicial Member) and Alok Srivastava (Technical Member) held that a <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[30596,31402,2862,30361,29689,29785,34910,23584],"class_list":["post-243994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-debtor","tag-demand-notice","tag-dishonour_of_cheque","tag-ibc","tag-insolvency-professional","tag-law","tag-operational-creditor","tag-section-138-ni-act"],"yoast_head":"\nNCLAT | Insolvency process proceeded without \u2018Demand Notice\u2019 being served under S. 8 IBC due to change in 'registered address\u2019. 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Singh, Member (Technical), allowed an appeal filed against the order of the National Company Law Tribunal, New Delhi, whereby it had admitted the petition under Section 9 of the Insolvency and Bankruptcy\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283315,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/07\/operational-creditor-application-nclat-corporate-insolvency-resolution-process-cirp-mistake-demand-notice-no-prejudice-admitted\/","url_meta":{"origin":243994,"position":1},"title":"NCLT| A mistake in demand notice does not make an application defective unless some prejudice is suffered resulting from such mistake","author":"Editor","date":"February 7, 2023","format":false,"excerpt":"While deciding the present matter dealing with mistake in demand notice, NCLT held that \u201cthe Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.\u201d","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":214891,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/21\/nclat-rejection-of-application-under-s-9-ibc-upheld-where-cirp-initiated-with-fraudulent-and-malicious-intent\/","url_meta":{"origin":243994,"position":2},"title":"NCLAT | Rejection of application under S. 9 IBC upheld where CIRP initiated with ‘fraudulent and malicious’ intent","author":"Bhumika Indulia","date":"May 21, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Bench of S.J. Mukhopadhaya, Chairperson and Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) upheld the impugned decision whereby the appellant's (Operational Creditor's) application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed against the respondent (Corporate Debtor) was\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":237819,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/21\/nclat-reiterates-ibc-is-beneficial-legislation-intended-to-put-corporate-debtor-on-its-feet-not-a-mere-money-recovery-legislation\/","url_meta":{"origin":243994,"position":3},"title":"NCLAT reiterates IBC is beneficial legislation intended to put Corporate Debtor on its feet, not a mere money recovery legislation","author":"Bhumika Indulia","date":"October 21, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0The Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Justice Anant Bijay Sing (Judicial Member) and Kanthi Narahari (Technical Member) set aside the Adjudicating Authorities decision while establishing whether a pre-existing dispute existed between the parties. The instant appeal was filed against the order\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219586,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/16\/nclat-appellate-tribunal-exercises-inherent-powers-under-r-11-of-nclat-rules-quashes-cirp-where-settlement-reached-between-parties-before-constitution-of-coc\/","url_meta":{"origin":243994,"position":4},"title":"NCLAT | Appellate Tribunal exercises inherent powers under R. 11 of NCLAT Rules, quashes CIRP where settlement reached between parties before constitution of CoC","author":"Bhumika Indulia","date":"September 16, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), allowed an appeal seeking to quash the Corporate Insolvency Resolution Process against the Corporate Debtor. The Operation Creditor had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 which\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":294481,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/13\/nclat-operational-creditor-cannot-seek-cirp-section-9-ibc-exist-real-dispute-legal-news\/","url_meta":{"origin":243994,"position":5},"title":"Operational creditor cannot seek to initiate CIRP against Corporate Debtor when real dispute exists: NCLAT","author":"Ritu","date":"June 13, 2023","format":false,"excerpt":"The NCLAT set aside Adjudicating Authority's order initiating CIRP of the Corporate Debtor.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/243994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=243994"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/243994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=243994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=243994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=243994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}