(1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay and submit information in such form and manner .

(2) A financial creditor shall in relation to which any security interest has been created, in such form and manner

(3) An operational creditor may submit financial information to the information utility in such form and manner

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.

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

32. Fee.

(1) The information utility shall-

(a) charge uniform fee for providing the same service to different users;

(b) disclose the fee structure for provision of services on its website; and

(c) disclose any proposed increase in the fees for the provision of services on its website at least three months before the increase in fees is effected.

(2) The fee charged for –

(a) providing services shall be a reasonable reflection of the service provided; and

(b) providing access to information shall not exceed the fee charged for submission of information to the information utility.

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

Clarification regarding submission of Financial Information to Information Utilities dated 19/12/2017