April 14, 2021
Summary of Notifications Issued on 13th April 2021
IBBI notifies w.e.f 13th April 2021, the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 for Information Utilities whose function is to gather, assemble, validate and disseminate financial information from corporate debtors/creditors (users) and facilitate the insolvency resolution process.
Highlights of the amendment are as follows:
1. The bye-laws for Information Utilities shall now also provide for :
A. minimum service quality standards, including timelines for –
- registration of users,
- issuance of record of default,
- issuance of annual statement to registered users,
B. Adoption of quality standards and their certifications
2. Users availing services of these Information Utilities shall submit the following details as on the last day of every month, in the first week of following month in Form C prescribed under these regulations:
- Details of the user submitting information
- Details of Other Parties to the Debt
- Details of the Debt
- Details relating to Creation of Security on Debt
- Details relating to Default of Debt
and it shall be updated by the Utility within seven days of occurrence of default.
3. The Information Utility shall publish statistical information as per newly Inserted Regulation 36A as under:
- Statistics relating to debt in its possession, on quarterly basis
- Debt distribution in terms of currency, geography, sector, size, tenor, type, lending arrangement, and incidence of default
This notification is available on our free to use website www.ca2013.com for your quick reference.