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of <h1>New Regulation 2D Requires Creditors to Provide Detailed Debt Chronology in Insolvency Applications Under Sections 7 or 9.</h1> Regulation 2D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, mandates that when filing an application under section 7 or 9, a financial or operational creditor must provide evidence and a detailed chronology of the debt and default. This includes the date the debt became due, the date of default, any partial payments, the last acknowledgment of the debt, and the applicable limitation period. This regulation was inserted by a notification dated September 18, 2023.
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