Supreme Court Upholds Demand Notice u/s 8 IBC on Corporate Debtor’s Key Managerial Personnel

The Supreme Court upheld a demand notice issued under Section 8 of the IBC (Insolvency and Bankruptcy Code) on the corporate debtor's Key Managerial Personnel (KMP). Section 8 pertains to the initiation of the corporate insolvency resolution process by an operational creditor. The apex court's decision reinforces the liability and responsibility of the KMP in addressing the demands for unpaid operational debt that could trigger insolvency proceedings against the company.