The Insolvency and Bankruptcy Board of India (IBBI) on June 15, 2022 has issued Notification regarding Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 which specify “Application by Financial creditor, Operational Creditor and Corporate applicant respectively”. This has come into effect on June 15, 2022.
The following has been stated namely: -
• The Board will forward the application for initiating insolvency received by it in terms of rule 4, 6 or 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, to the Information Utility (IU) and on receipt of the said application, the IU shall:
1. Inform other creditors of the Corporate Debtor by sharing the application.
2. issue notice to the applicant, requiring it to file ‘information of default’ in the specified format under Insolvency and Bankruptcy Board of India (Information Utility) Regulations, 2017(IU Regulations).
3. process the ‘information of default’ for the purpose of issuing ROD as per the IU Regulations.
[Notification No. IBBI/IU/51/2022]
