
The National Company Law Appellate Tribunal (NCLAT) has set aside an order initiating insolvency proceeding against e-commerce platform Flipkart.
While doing so, the NCLAT has held that Section 8 of the Insolvency & Bankruptcy Code does not provide Operational Creditors with the discretion to choose between Form 3 and Form 4 for sending demand notice as per its convenience.
The NCLAT has clarified that the choice of format depended on the nature of Operational Debt.
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