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Insolvency and BankruptcyAugust 23, 2024Notifications
This notification amends the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Key changes include: extending timelines for information utilities to accept/reject information; allowing financial creditors to submit default records for non-corporate debtors; mandating verification of debtor details before issuing default records; introducing provisions for handling disputed default amounts, especially for scheduled banks as financial creditors, by issuing separate authenticated/disputed default records. The amendments aim to enhance efficiency, transparency and dispute resolution mechanisms within the insolvency ecosystem.
This notification amends the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Key changes include: extending timelines for information utilities to accept/reject information; allowing financial creditors to submit default records for non-corporate debtors; mandating verification of debtor details before issuing default records; introducing provisions for handling disputed default amounts, especially for scheduled banks as financial creditors, by issuing separate authenticated/disputed default records. The amendments aim to enhance efficiency, transparency and dispute resolution mechanisms within the insolvency ecosystem.
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