June 16, 2022
Summary of the circular issued by IBBI on 15/06/2022
Procedural requirements to be adhered to by an Information Utility with respect to Corporate Insolvency Resolution Process
An Information Utility (IU), upon receipt of the CIRP application (whether filed by Financial Creditor/Operational Creditor/Corporate Debtor) from the Board, shall carry out the following activities:
(a) intimate the other creditors of the Corporate Debtor by sharing the CIRP application;
(b) issue notice to the applicant, requiring it to file ‘information of default’ in the specified format under IU Regulations; and
(c) process the ‘information of default’ and shall issue the ‘Record of Default’ in the format prescribed under the IU Regulations.