In a recent judgment delivered by the Supreme Court of India viz. Macquaire Bank Limited vs. Shilpi Cable Technologies Ltd. [Civil Appeal Number 15135 of 2017], the Apex Court has held that a demand notice under the provisions of the Insolvency and Bankruptcy Code can be issued by the Creditor’s lawyer on his letterhead. The Country’s top Court has further held that section 9(3)[c] of the Act is not mandatory but directory in nature and as such the non-compliance of the said provision will not make the petition bad or liable to be dismissed. While doing so, the Supreme Court has overruled the hypertechnical approach adopted by the NCLT and NCLAT.
The Judgment makes for a very good read and is enclosed herewith.