8. (1) An operational creditor may, on the occurrence of a default,
deliver a demand notice of unpaid operational debtor copy of an invoice
demanding payment of the amount involved in the default to the corporate
debtor in such form and manner as may be prescribed.
(2) The corporate debtor shall, within a period of ten days of the
receipt of the demand notice or copy of the invoice mentioned in sub-section
(1) bring to the notice of the operational creditor-
(a) existence of a dispute, if any, and record of the pendency of the suit
or arbitration proceedings filed before the receipt of such notice or
invoice in relation to such dispute;
(b) the repayment of unpaid operational debt-
(i) by sending an attested copy of the record of electronic transfer of the
unpaid amount from the bank account of the corporate debtor; or
(ii) by sending an attested copy of record that the operational creditor has
encashed a cheque issued by the corporate debtor.
Explanation.-For the purposes of this section, a "demand notice" means a
notice served by an operational creditor to the corporate debtor demanding
repayment of the operational debt in respect of which the default has
occurred.