valid as on 11/12/2018

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

2. Definitions.

(1) In these Regulations, unless the context otherwise requires-

(a) “Application Programming Interface” means a mechanism that allows a system or service to access data or functionality provided by another system or service;

(b) “certificate of registration” means a certificate of registration granted or renewed by the Board under section 210 read with these Regulations and the terms “registration” and “renewal” shall be construed accordingly;

(c) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and includes the rules, regulations, guidelines and directions issued thereunder;

(d) “control” shall have the meaning assigned to it under section 2(27) of the Companies Act, 2013 (18 of 2013);

(e) “Governing Board” means the Board of Directors, as defined under section 2(10) of the Companies Act, 2013 (18 of 2013), of the company registered as an information utility;

(f) “host bank” means the financial institution hosting the repayment account;

(g) “independent director” shall have the meaning assigned to it under section 149(6) of the Companies Act, 2013 (18 of 2013);

(h) “information” means financial information as defined in section 3(13);

(i) “key managerial personnel” shall have the meaning assigned to it under section 2(51) of the Companies Act, 2013 (18 of 2013);

(j) “net worth” shall have the meaning assigned to it under section 2(57) of the Companies Act, 2013 (18 of 2013);

(k) “outsourcing” means contracting out services to a third party;

(l) “public company” shall have the meaning assigned to it under section 2(71) of the Companies Act, 2013 (18 of 2013);

(m)“repayment account” means the bank account to which a debtor is obliged to repay its debt, as recorded in an information utility;

(n) “section” means a section of the Code;

(o) “secure systems” shall have the meaning assigned to it in section 2(1)(ze) of the Information Technology Act, 2000 (21 of 2000);

(p) “Schedule” means schedule attached to these Regulations;

(q) “submission of information” includes updating of information, as the context may require;

(r) “Technical Standards” means the standards laid down by the Board through guidelines issued under Regulation 13, from time to time; and

(s) “user” means a person who avails of the services of an information utility.

(2) Unless the context otherwise requires, words and expressions used and not defined in these Regulations, shall have the meanings assigned to them in the Code.

Inserted vide Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2018 dated 11.10.2018.To view the notificationClick Here

The Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2018 dated 11.10.2018


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