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of <h1>Insolvency Applications u/rs 4, 6, 7 Now Sent to Information Utility for Default Record Processing.</h1> The Insolvency and Bankruptcy Board of India has issued a circular stating that applications for initiating insolvency under Rules 4, 6, or 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, will be forwarded to the Information Utility (IU). Upon receipt, the IU must inform other creditors of the corporate debtor, issue a notice to the applicant to file 'information of default' in the specified format, and process this information to issue a Record of Default (ROD) as per the IU Regulations. This circular is effective immediately under the powers of section 196 of the Insolvency and Bankruptcy Code, 2016.
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