valid as on 04/06/2020

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

Sl. No.Response of the DebtorStatus of Authentication Colour of the Status
(1)(2)(3)(4)
1Debtor confirms the information of defaultAuthenticatedGreen
2Debtor disputed the information of defaultDisputedRed
3Debtor does not respond even after three remindersDeemed to be AuthenticatedYellow

(4) 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.”]

 Substituted vide notification The Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2019 dated 25.07.2019 Click Here
IBBI 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 for the purpose of regulation 21(2)(c)(ii) vide its Circular dated 07.09.2019. To view the Circular, Click Here.

Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2019.


Statutory Repositories under regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 dated 07.09.2019


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