2.10.21:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

21. Information of default.

(1) On receipt of information of default, an information utility shall expeditiously undertake the processes of authentication and verification of the information.

(2) On completion of the processes of authentication and verification under sub-regulation (1), the information utility shall communicate the information of default, and the status of authentication to registered users who are-

(a) creditors of the debtor who has defaulted;

(b) parties and sureties, if any, to the debt in respect of which the information of default has been received.

(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,
 recorded with any other statutory repository as approved by the Board, failing which,
(iii) submitted in Form C of the Schedule.

(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 Table below:

TABLE-1

Provided that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, the information utilities will record the status of authentication of information of default as indicated in the Table 2 below:

TABLE-2

Table

  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 information of default has been received.

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;
(b) parties and sureties, if any, to the debt in respect of which the information of default has been received.”]

An information utility shall disseminate every public announcement it receives or has access to, on the date of its receipt or access, as the case may be, to its registered users, who are creditors of the corporate debtor undergoing insolvency proceeding under the Code.