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of <h1>IBBI 2022 Amendment: New Default Record Definition, Filing Mandate, and Color-Coded Responses in Insolvency Proceedings.</h1> The Insolvency and Bankruptcy Board of India (IBBI) issued the 2022 amendment to the Information Utilities Regulations, 2017, effective upon publication in the Official Gazette. This amendment introduces a new definition for 'record of default' and mandates creditors to file default information with information utilities before initiating insolvency proceedings. It outlines the process for authenticating default information, with specific statuses and color codes (green, red, yellow) based on debtor responses. The amendment also updates disciplinary proceedings and documentation requirements, including the introduction of Form D for issuing records of default.
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