Regulation 21A - Verification of information before issuance of a record of default - Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

1 [21A. Verification of information before issuance of a record of default. (1) An information utility shall verify the key details such as e-mail address of the debtor, document showing proof of debt, latest acknowledgment of debt by the debtor and proof of default before issuance of record of default in Form D of the Schedule under regulation 21. ] 2 [ (2) In case a debtor disputes a part of default amount or entire default amount, such debtor shall provide the reasons for such dispute and upload the evidence for the same. (3) In case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, an information utility shall issue a record of default with the status of authentication as disputed for the default amount for which evidence of dispute has been received and verified, and issue a record of default with the status of authentication as authenticated in respect of the balance default amount. ] **************** NOTES:- 1. Inserted vide Notification No. IBBI/2024-25/GN/REG11 dated 13-08-2024 w.e.f. 01-10-2024 2. Inserted vide Notification No. IBBI/2024-25/GN/REG11 dated 13-08-2024 w.e.f. 01-12-2024