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Corporate Laws Central Ministry of Corporate Affairs Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024

13-Aug-2024 | No. IBBI/2024-25/GN/REG114

IBBI has issued a notification on Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024.

Vide this amendment notification, following amendments are made:-
1. Amendment is made to Regulation 21 (2) in clause (a), for the words the time specified in the Technical Standards, the words, seven days shall be substituted. Further in Regulation 21(2) in clause (b) for the words three days, the words, seven days shall be substituted.
2. In regulation 21(2)(c) sub clause iii is substituted.
3. In regulation 21(3) after Table 2, the proviso Provided further that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as authenticated in respect of the undisputed default amount shall be inserted.
4. Existing Regulation 21A regarding Dissemination of public announcement shall be re-numbered as Regulation 21B and a new regulation 21A regarding "Verification of information before issuance of a record of default" shall be inserted.
5. In the principal regulations, in the amended regulation 21A regarding Verification of information before issuance of record of default, after sub-regulation (1) sub-regulations 2 and 3 shall be inserted.

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