The Insolvency and Bankruptcy Board of India (IBBI) on June 16, 2023, issued a circular regarding the Application to initiate the corporate insolvency resolution process, along with a record of the default issued by the Information Utility.
The Board vides Notification No. IBBI/2022-23/GN/REG085, dated June 14, 2022, inserted sub-regulation (1A) of Regulation 20 in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 to mandate the Information Utility to process the financial information and issue the record of default to the creditor(s) so as to facilitate the creditors to attach the same with their insolvency applications under section 7 or 9 of the Code.
Please note that Hon’ble NCLT has issued a general order dated April 03, 2023 (copy enclosed) advising all the applicants under sections 7 and 9 of the Code to comply with the above regulation and to produce the record of default issued by Information Utility for effecting hearing of their cases.
[Circular No. IBBI/IU/59/2023]
