The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday notified Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021, which seeks to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
The Board seeks to insert clauses in regulation 15 (3), after clause (b) namely the minimum service quality standards, including timelines for registration of users, issuance of record of default, and issuance of an annual statement to registered users. The notification further adds adoption of quality standards and quality standards certifications as clause (bb).
It has been notified that a user, who has submitted information in Form C of the Schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of the following month, on the condition that information of default shall be updated within seven days of occurrence of default.
The Board has added Regulation 36A which pertains to publication of statistical information. An information utility shall publish statistics relating to debt related information in its possession, quarterly. The statistics in sub-regulation (1) shall provide distribution of debts in terms of currency, geography, sector, size, tenor, type, lending arrangement, and incidence of default.
The notification also seeks to substitute Form C.
These Regulations shall come into force on 13th April, 2021.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. We welcome your comments at info@taxscan.in
