Insolvency and Bankruptcy Board of India (IBBI) (Information Utilities) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG085.—In exercise of the powers conferred by section 196, 213, 214, 215 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely: –
- (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022.
(2) These Regulations shall come into force on the date of their publication in the Official Gazette. - In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, (hereinafter referred to as „the principal regulations‟), in regulation 2, in sub-regulation (1), after clause (l), following clause shall be inserted namely: –
“(la) “record of default” means the status of authentication of default issued in Form D of the Schedule.” - In the principal regulations, in regulation 20 —
(i) after sub-regulation (1), the following sub-regulation shall be inserted, namely: –
“(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.”
(ii) in sub-regulation (2), after the words, figures and brackets “sub-regulation (1)”, the words, figures and brackets “or sub-regulation (1A), as the case may be” shall be inserted. - In the principal regulations, in regulation 21—
(i) the short title of regulation, “Information of default.” shall be substituted, by “Authentication of default.”;
(ii) in sub-regulation (2), in clause (c), for sub-clause (ii), the following sub-clause shall be inserted namely:-
“(ii) 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,”
(iii) for sub-regulation (3) and (4), the following sub-regulations shall be substituted, namely: –
“(3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the following Tables
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