RBI advises all registered Asset Reconstruction Companies to adhere with provisions for submission of Financial Information to Information Utilities

The Reserve Bank of India (RBI) vide notification dated January 04, 2018 has advised all registered Asset Reconstruction Companies to adhere with relevant provisions of IBC, 2016 and IBBI (IUs) Regulations, 2017 and immediately put in place appropriate systems and procedures to ensure compliance to the provisions of the Code and Regulations.

According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in such form and manner as may be specified by regulations. Chapter V of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, which has come into force with effect from April 1, 2017, has specified the form and manner in which financial creditors are to submit this information to IUs. Further, as per Section 238 of the IBC, 2016 the provisions of the Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.

[RBI/2017-18/115 DNBR.PD(ARC)CC.No.05/26.03.001/2017-18]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT1159E64EA5AB6C841ABB1D9C41B7DCDBF92.PDF