valid as on 23/06/2019

IBC Section 213-Core services, etc., of information utilities.
Effective from 01.04.2017

An information utility shall provide such services as may be specified including core services to any person if such person complies with the terms and conditions

 

Refer regulation 13 to 27 of Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 . To view the regulation,Click Here

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

13. Technical Standards.

(1) The Board may lay down Technical Standards, through , for the performance of core services and other services under these Regulations.

(2) Without prejudice to the generality of sub-regulation (1), the Board may lay down Technical Standards for all or any of the following matters, namely :-

(a) the Application Programming Interface;

(b) standard terms of service;

(c) registration of users;

(d) unique identifier for each record and each user;

(e) submission of information;

(f) identification and verification of persons;

(g) authentication of information;

(h) verification of information;

(i) data integrity;

(j) consent framework for providing access to information to third parties;

(k) security of the system;

(l) security of information;

(m) risk management framework;

(n) porting of information;

(o) exchange or transfer of information between information utilities;

(p) inter-operability among information utilities;

(q) preservation of information; and

(r) purging of information.

To view the guidelines,Click Here

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

14. Technical Committee.

The Board shall lay down the Technical Standards based on the recommendations of a Technical Committee constituted by it.

(1) The Technical Committee shall comprise of at least three members who have special knowledge and experience in the field of law, finance, economics, information technology or data management.

(2) The Board may invite the Chief Executive Officers or managing directors of information utilities to attend the meetings of the Technical Committee.


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

15. Bye-laws of information utilities.

(1) An information utility, for the conduct of its operations, shall have bye-laws consistent with the Code.

(2) The bye-laws shall be consistent with and provide for all matters contained in the Technical Standards, if any.

(3) Without prejudice to the generality of sub-regulation (1), the bye-laws shall provide for-

(a) the manner and process of providing core services and other services under these Regulations;

(b) risk management;

(c) rights of users; and

(d) grievance redressal.

(4) The bye-laws of the information utility, as amended from time to time, shall be published on its website.


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

16. Amendment to bye-laws.

(1) The Governing Board may amend the bye-laws of the information utility by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors.

(2) A resolution passed in accordance with sub-regulation (1) shall be filed with the Board within seven days from the date of its passing, for its approval.

(3) The amendments to the bye-laws shall come into effect on the seventh day of the receipt of the approval under sub-regulation (2), unless otherwise directed by the Board.

(4) The information utility shall file a printed copy of the amended bye-laws with the Board within fifteen days from the date when such amendment is made effective.

(5) Notwithstanding anything to the contrary contained in this Regulation, the Board may direct an information utility to amend any provision in its bye-laws.


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

17. Provision of services.

(1) An information utility shall provide-

(a) core services;

(b) other services under these Regulations; in accordance with the Code.

(2) An information utility may provide services incidental to the services under sub-regulation (1), with the permission of the Board.

(3) An information utility shall comply with the applicable Technical Standards, while providing services.


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

18. Registration of users.

(1) A person shall register itself with an information utility for-

(a) submitting information to; or

(b) accessing information stored with any of the information utilities.

(2) The information utility shall verify the identity of the person under sub-regulation (1) and grant registration.

(3) Upon registration of a person under sub-regulation (2), the information utility shall intimate it of its unique identifier.

(4) A person registered once with an information utility shall not register itself with any information utility again.

(5) An information utility shall provide a registered user a functionality to enable its authorised representatives to carry on the activities in sub-regulation (1) on its behalf.

(6) An information utility shall-

(a) maintain a list of the

(i) registered users;

(ii) the unique identifiers of the registered users; and

(iii) the unique identifiers assigned to the debts under Regulation 20.

(b) make the list under clause (a) available to all information utilities and the Board.


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

19. Use of different information utilities.

(1) A registered user may submit information to any information utility.

(2) Different parties to the same transaction may use different information utilities to submit, or access information in respect of the same transaction:

Illustration: A debt transaction has creditor A and debtor B. A may submit information about the debt to information utility X, while B may submit information about the same debt to information utility Y.

(3) A user may access information stored with an information utility through any information utility.


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

20. Acceptance and receipt of information.

(1) An information utility shall accept information submitted by a user in .

(2) On receipt of the information submitted under sub-regulation (1), the information utility shall-

(a) assign a unique identifier to the information, including records of debt;

(b) acknowledge its receipt, and notify the user of-

(i) the unique identifier of the information;

(ii) the terms and conditions of authentication and verification of information; and

(iii) the manner in which the information may be accessed by other parties.

Form C given in the Schedule of  Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.To view the schedule,Click Here

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.


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

22. Storage of information.

(1) Aninformation utility shall store all information in a facility located in India.

(2) The facility under sub-regulation (1) shall be governed by the laws of India.


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

23. Access to information.

(1) An information utility shall allow the following persons to access information stored with it-

(a) the user which has submitted the information;

(b) all the parties to the debt and the host bank, if any, if the information is of the categories in section 3 (13) (a), (c) and (d);

(c) the corporate person and its auditor, if the information is of the categories in section 3 (13) (b) and (e);

(d) the insolvency professional, to the extent provided in the Code;

(e) the Adjudicating Authority;

(f) the Board;

(g) any person authorised to access the information under any other law; and

(h) any other person who the persons referred to in (a), (b) or (c) have consented to share the information with.

(2) An information utility shall in all cases enable the user to view-

(a) the date the information was last updated;

(b) the status of authentication; and

(c) the status of verification while providing access to the information.

(3) An information utility shall provide information to the Adjudicating Authority and Board free of charge.


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

24. Accessing information stored with other information utilities.

(1) An information utility shall provide a functionality to enable users to access information stored with any information utility, which they are entitled to access.

(2) The functionality under sub-regulation (1) shall enable other information utilities to provide access to information to the user directly.

(3) The functionality shall ensure privacy and confidentiality of information.


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

25. Annual statement.

(1) An information utility shall provide every user an annual statement of all information pertaining to the user, free of charge.

(2) An information utility shall provide the user a functionality to mark information as erroneous and correct it.


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

26. Porting information from registries.

(1) An information utility may import information from such registries as may be notified by the Board from time to time.

(2) An information utility shall render the core services under section 3 (9) (b), (c) and (d) in accordance with these Regulations for the information imported under sub-regulation (1).


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

27. Duties of the user.

(1) A user shall expeditiously update the information submitted by it to an information utility.

(2) A user shall expeditiously correct information as soon as it finds it erroneous, stating the reasons, if any


GUIDELINES FOR TECHNICAL STANDARDS-Insolvency and Bankruptcy Board Of India (Information Utilities) Regulations, 2017


IBC-Enforcement Notification [S.O.1005(E)] dated 30/03/2017


Schedule- Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017


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