The judgment of the National Company Law Appellate Tribunal (NCLAT), in Macquarie Bank Limited vs Uttam Galva Metallilcs Limited (Company Appeal (AT) (Insol) No. 96/2017), which is further followed in Centech Engineers Private Limited & Anr vs Omicron Sensing Private Limited (Company Appeal (AT) (Insolvency) No. 132/2017), gives a strong warning against the dealing of Corporate Insolvency Resolution Process in casual and careless manner by lawyers, chartered accountants, company secretaries and litigants. In the above cases, the NCLAT considered the question that whether a demand notice issued by a lawyer for the operational creditor can be treated as a demand notice under Sec.8(1) of the Insolvency and Bankruptcy Code, 2016, (hereinafte…
Read the full article at: http://www.livelaw.in/demand-notice-issued-lawyer-behalf-operational-creditor-cant-treated-demand-notice-required-sec-81-b-code-nclat/
