This notification amends the Insolvency and Bankruptcy Board of ...

Amended rules for info utilities: Longer timelines, non-corp default records, debtor verification & disputed records for banks.

August 23, 2024

Notifications     Insolvency and Bankruptcy

This notification amends the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Key changes include: extending timelines for information utilities to accept/reject information; allowing financial creditors to submit default records for non-corporate debtors; mandating verification of debtor details before issuing default records; introducing provisions for handling disputed default amounts, especially for scheduled banks as financial creditors, by issuing separate authenticated/disputed default records. The amendments aim to enhance efficiency, transparency and dispute resolution mechanisms within the insolvency ecosystem.

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