The Insolvency and Bankruptcy Board of India (IBBI) on May 10, 2024, issued the notification regarding the draft of amendment to the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024.
The aforementioned provisions highlight the three important areas where the role of IU is critical.
•The existence of information on debt and default with the IU, which has been verified and recorded.
•The information with the IU shall aid in establishing conclusive evidence before the Adjudicating Authority.
•The information shall be used widely throughout the insolvency resolution process.
The following has been stated namely: -
•In the principal regulations, in the Schedule, for Form C, Under regulation 20 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 shall be substituted.
•In sub-regulation (3), for the Table 2, shall be substituted.
[Notification No. IBBI/2023-24/GN/REG/___.]
