The Insolvency and Bankruptcy Board of India (IBBI) on June 14, 2022 has issued the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. This has come into force on June 14, 2022.
The following has been amended namely: -
• Regulation 2 which specifies “Definitions” the following clause (la) has been inserted namely: -
““Record of default” means the status of authentication of default issued in Form D of the Schedule.”
• Regulation 20 which specifies “Acceptance and receipt of information” the following sub-regulation (1A) has been inserted namely: -
“Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.”
• Regulation 41 which specifies “Disciplinary proceedings” sub-regulation (8) has been substituted namely: -
“The disciplinary proceedings shall be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017”
[Notification No. IBBI/2022-23/GN/REG085]
