valid as on 24/06/2024

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

7. In-principle approval.

(1) Any person who seeks to establish an information utility may make an application for an in-principle approval, demonstrating that the conditions in sub-regulation (2) are satisfied, along with a non-refundable application fee of five lakh rupees.

(2) If the Board is satisfied, after such inspection or inquiry as it deems necessary, that-

(a) the applicant is a fit and proper person; and

(b) the proposed or existing company which may receive registration would be able to meet the eligibility criteria under Regulation 3, it may grant in-principle approval which shall be valid for a period not exceeding one year and be subject to such conditions as it deems fit.

(3) During the validity of in-principle approval, the company referred to in sub-regulation 2(b) may make an application for a certificate of registration as an information utility to the Board in accordance with Regulation 4, but shall not be required to pay the application fee for registration.

CAIRR PLUS on Google Playsecretarial automation?Subscribe for Updates