Yes. The Insolvency and Bankruptcy Code of 2016 provides for the demand of an unpaid debt from a corporate debtor. The corporate debtor shall be given an opportunity to settle any outstanding debts before the insolvency proceedings commence. A notice is sent by the operational creditor to the corporate debtor in accordance with Section 8 of the Insolvency and Bankruptcy Code of 2016, or IBC, for this very reason.