An operational creditor, on occurrence of a default can issue a demand notice under Section 8 of Insolvency and Bankruptcy Code, 2016 demanding payment from the operational debtor for unpaid invoices as per form no.3 along with list of invoices.

In case the operational debtor fails to make the payment within ten days of receipt of notice, the operational creditor can approach National Company Law Tribunal under Section 9 of Insolvency and Bankruptcy Code, 2016 to initiate insolvency proceedings against the operational debtor.