Second Demand Notice Issued u/s 8 of IBC amounts to Fresh Notice: NCLAT

The NCLAT (National Company Law Appellate Tribunal) has reiterated that a second demand notice issued under Section 8 of the IBC (Insolvency and Bankruptcy Code) amounts to a "fresh notice." This decision reaffirms its previous stance, providing clarity on the nature of successive demand notices. This ruling is crucial because it affects the "date of default" for calculating the limitation period for filing an insolvency application. If a new notice is deemed "fresh," any pre-existing dispute arising before this new notice could be grounds for rejecting the insolvency application, impacting operational creditors significantly.