Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 - IBBI/2021-22/GN/REG072 - Insolvency and Bankruptcy

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 13th April, 2021 Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 No. IBBI/2021-22/GN/REG072. -In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) , the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 , namely:- 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021. (2) These Regulations shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 , (hereinafter referred to as the principal regulations), in regulation 15, in sub-regulation (3), after clause (b) , the following clauses shall be inserted, namely: (ba) minimum service quality standards, including timelines for - (i) registration of users, (ii) issuance of record of default, and (iii) issuance of annual statement to registered users. (bb) adoption of quality standards and quality standards certifications. 3. In the principal regulations, in regulation 27 , for sub-regulation (1), the following sub-regulation shall be substituted, namely: - (1) A user, who has submitted information in Form C of the Schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of following month: Provided that information of default shall be updated within seven days of occurrence of default. 4. In the principal regulations , after regulation 36 , the following regulation shall be inserted, namely:- 36A. Publication of statistical information - (1) An information utility shall publish statistics relating to debt related information in its possession, quarterly. (2) The statistics in sub-regulation (1) shall provide distribution of debts in terms of currency, geography, sector, size, tenor, type, lending arrangement, and incidence of default. 5. In the principal regulations, in the Schedule , for Form C, the following Form shall be substituted, namely:- FORM C Under regulation 20 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. ( Note: Information may be accepted in this Form with necessary modifications as the information utility deems fit .) A. Details relating to Creation of Debt Sl. No. Nature of information Particulars I II III Details of the user submitting information 1 Business date (The information will be as on date. For example, data of 30 th April 2020 submitted even on a later date, say on 05 th May 2020, will be as on the business date 30 th April 2020) 2 UIN (PAN) 3 Full Name (Please provide your First, Middle and Last name without salutations) 4 Relationship (Debtor/Creditor/ Guarantor/ Co-obligant / Security Provider / Assignee) 5 Date of Birth/ Date of incorporation 6 Communication address 7 PIN Code 8 Telephone No. 9 Mobile No. 10 Email ID-1 (for Submission acknowledgment, other submission related messages or any other general purpose message) 11 Email ID-2 (for Dispute alert sent to submitter) 12 Email ID-3 (for Default alert sent to submitter) Details of Other Parties to the Debt (Apart from the person submitting the debt) Details of Parties (please add as many parties as may be applicable) 13 Relationship (Debtor/Creditor/ Guarantor/ Co-obligant / Security Provider / Assignee) 14 Party name (Please provide your First, Middle and Last name without salutations) 15 Registered / Permanent Address 16 Registered Address PIN Code 17 Communication address 18 Communication Address PIN Code 19 Party Type (Indian Entity, Resident Individual, Foreign Entity, NRI/Foreign Individual) 20 Legal Constitution (Public Ltd. company, Private Ltd. company, LLP, Proprietorship, Partnership, Entity Created by or under a Statute, Trust, HUF, Co-op Society, Association of Persons, Government, Self Help Group, Resident Individual, Non-Resident Foreign Company). 21 MSME Flag (Y/N) 22 MSME Sub-type (Micro, Small, Medium) 23 Industry Category 24 Date of Birth/ Date of incorporation 25 Corporate Identification Number (CIN/LLPIN) for registered corporate entities. 26 PAN 27 Customer ID 28 CKYC KIN 29 Contact Person Name 30 Contact Person s Mobile No. 31 Alternative Number 32 Email id 33 Alternative Email ID Details of the Debt 34 Debt Reference Number 35 Old Debt Reference No. (Unique identifier of the debt, in case the debt has previously been recorded in any Information Utility) 36 Creditor Location (Creditor s internal location code, where submitted by creditor) 37 Creditor Business Unit (Creditor s internal business unit code, where submitted by creditor) 38 Creditor RM Email (Email of Creditor s Relation Manager, for notification purpose) 39 Debt Contract Date (date of sanction, last renewal, debt acknowledgements, etc.) 40 Debt Start Date (Date of first disbursement or date of activation of the facility) 41 Sanction Reference No. 42 Sanction Currency 43 Sanctioned Amount 44 Drawing Power 45 Type of Debt (Financial, Operational) 46 Intermediary Status (Yes, No) 47 Debt subtype 48 Funded Type Indicator (Funded, Non-fund) 49 Facility name 50 Repayment frequency (Monthly, Quarterly, Half yearly, Annual, On demand, Bullet, Rolling, Others) 51 Tenor of debt 52 Instalment Amount 53 Rate of interest 54 Lending arrangement (Sole Banking, Consortium, Multiple Banking Arrangement, Outside Multiple Banking, Outside Consortium, Others) 55 Currency of debt 56 Total Outstanding Amount 57 Principal Outstanding 58 Interest Outstanding 59 Other Charges Outstanding 60 Amount Overdue 61 Days Overdue (Number of days overdue as on business date of reporting. If no overdue, report zero value) 62 Asset Classification (Standard, Sub-standard, Doubtful, Loss) 63 SMA Category (0, 1, 2, N) 64 Account Closed Flag (Yes, No, Assigned) 65 Part-A Remarks (Any remarks that can be helpful for Other Parties during authentication) B. Details relating to Creation of Security on Debt (If not applicable, please write NA) 66 Date of creation of Security Interest 67 Type of Charge created (Mortgage, Hypothecation, Charge, Assignment, Pledge, Lien, Negative Lien, Guarantee, Asset Cover and such other charges ) 68 Assets type (Movable, Immovable, Intangible, Not Classified) 69 Security type (Nature of asset used as security as per list of values) 70 Security Category (Primary, Collateral) 71 Asset ID (identification number of asset on which charge is created) 72 Description of security 73 Value of security 74 Currency of Security 75 Date of valuation 76 ROC Charge ID (as registered with MCA, where applicable) 77 CERSAI Security Interest ID 78 Part-B Remarks (Any remarks that can be helpful for Other Parties during authentication) C. Details relating to Default of Debt (If not applicable, please write NA) 79 Date of default 80 Total Outstanding Amount 81 Default amount 82 Days past due 83 Amount of last repayment 84 Date of last repayment 85 Date of filing of suit 86 Part-C Remarks (Any remarks that can be helpful for Other Parties during authentication) 87 Documents* uploaded as proof for Debt, Security and Default:- Debt: a. Copy of Loan Agreement (as revised from time to time) b. Repayment schedule (If in possession of the submitter) c. Balance Confirmation d. Balance Sheet and Cash Flow Statements (If the submitter is the Debtor) e. Any other documents relating to creation of debt/change in the terms of the debt Security: a. Copy of the Security Deed b. Copy of the Valuation Report c. Proof of Registration with CERSAI d. Copy of the Certificate of Registration of Charge e. Any other document relating to creation of security Default: Any documents attached as a proof of default * Documents can be submitted at any stage, not necessarily along with the data in Form C. Dr. M. S. SAHOO, Chairperson [ADVT.- III/4/Exty./39/2021-22] Note : The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published vide notification No. IBBI/2016-17/GN/REG009 dated 31 st March, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 129 on 31 st March, 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020 published vide notification No. IBBI/2020-21/GN/REG065, dated the 13 th November, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 488 on 13 th November, 2020.