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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>IBBI Requires Default Record for Insolvency Applications u/ss 7 or 9; NCLT Urges Compliance for Effective Hearings.</h1> The circular issued by the Insolvency and Bankruptcy Board of India (IBBI) mandates creditors filing applications under sections 7 or 9 of the Insolvency and Bankruptcy Code, 2016, to attach a record of default issued by the Information Utility. This requirement follows the insertion of sub-regulation (1A) in Regulation 20 of the IBBI (Information Utilities) Regulations, 2017. The National Company Law Tribunal (NCLT) has also advised applicants to comply with this regulation to ensure effective hearings. The circular emphasizes the necessity of appending the record of default with insolvency applications for compliance and processing purposes.
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