IBBI Update: Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022.

Regulation Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022. Comments Regulation 2 Definitions., in sub-regulation (1) New clause inserted “Record of default” means the status of authentication of default issued in Form D of the Schedule New definition inserted record of default Regulation 20 Acceptance and receipt of information. — (i) after sub-regulation (1) New sub regulation inserted (1A) Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.” Before filing application under section 7 or 9 creditors shall file the information with information utility and then information utility shall process the information for the purpose of issuing record of default Reg 21 short title substituted sub-regulation (2), in clause (c), for sub-clause (ii) Sub regulation 4 Information of default. Recorded with any other statutory repository as approved by the Board, failing which After recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form of the relevant colour, as indicated in column (4) of the Table thereof, to the registered users who are- (a) creditors of the debtor who has defaulted; 19 (b) parties and sureties, if any, to the debt in respect of which the information of default has been received. Authentication of default Recorded with MCA 21 and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories or any other statutory repository as approved by the Board, failing which After recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form of the relevant colour, as indicated in column (4) of the Tables 1 or 2, as the case may be, by issuing a record of default in Form D of the Schedule, to the registered users who are- (a) creditors of the debtor who has defaulted in payment of a debt; (b) parties and sureties, if any, to the debt in respect of which the i