IBBI issues Statutory Repositories under the provisions of IBBI (Information Utilities) Regulations, 2017

Sep 09, 2019 | by Avantis RegTech Legal Research Team

Secretarial Compliance

Insolvency and Bankruptcy Board of India (IBBI) on September 07, 2019, approves MCA 21 database of the Ministry of Corporate Affairs and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories. In this Circular, the Board notifies that Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2019 related to “Information of default” must be read under:

(1) An information utility shall expeditiously undertake the process of authentication and verification of information of default as soon as it is received. 

(2) For the purpose of sub-regulation (1), the information utility shall- 

(a) deliver the information of default to the debtor seeking confirmation of the same within the time specified in the Technical Standards; 

(b) remind the debtor at least three times for confirmation of information of default, in case the debtor does not respond, allow three days each time for the debtor to respond; 

(c) deliver the information of default or the reminder, as the case may be, to the debtor either by hand, post or electronic means at the postal or e-mail address of the debtor- 

(i) registered with the information utility by him, failing which, 

(ii) recorded with any other statutory repository as approved by the Board, failing which, 

(iii) communicated in Form C of the Schedule.

[Circular No. IBBI/IU/025/2019]


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