Section 215-Procedure for submission, etc., of financial information. | Companies Act Integrated Ready Reckoner|Companies Act 2013|CAIRR

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IBC Section 215-Procedure for submission, etc., of financial information.

Effective from 01.04.2017

Section 215- Submission and authentication of financial information to information utilities

(1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations..

(2) A financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, in such form and manner as may be specified by regulations.

(3) ~~An operational creditor may~~ An operational creditor shall, before filing an application under section 9 of the Code submit financial information to the information utility in such form and manner as may be specified.

(4) The corporate debtor or debtor, as the case may be, in respect of whom any information is submitted under this section, shall authenticate the information in such manner and within such period, as may be specified:

Provided that where the corporate debtor or debtor does not respond to the information submitted to the information utility in the manner and period as has been specified, such information shall be deemed to be authenticated.

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 ~~Form C of the Schedule.~~ such format as notified by the Board through circular

(1A) Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.

(2) On receipt of the information submitted under sub-regulation (1) or sub-regulation (1A), as the case may be, 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.

IBBI notification dated 06.04.2026 regarding The Insolvency and Bankruptcy Code (Amendment) Act, 2026

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

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Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024 dated 13.08.2024

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

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