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IBBI notifies Information Utilities (Amendment) Regulations, 2020 [Read Notification]

IBBI - Information Utilities-Amendment-Taxscan

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020 which seeks to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

The Regulation defines financial information to mean certain records and ‘such other information as may be specified’.

In exercise of its power, the IBBI amended the Regulations to specify public announcement made under the Code as financial information.

It mandated the Information Utilities to disseminate the public announcement to its registered users, who are creditors of the corporate debtor undergoing insolvency proceedings.

This is in addition to publishing the public announcement in the newspapers and websites as required in the Regulations.

The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 states that the Interim Resolution Professional or Resolution Professional shall verify every claim and thereupon maintain a list of creditors and update it. He is required to file the list of creditors with the Adjudicating Authority and display it on the website, if any, of the corporate debtor.

The IBBI amended the Regulations to require the Interim Resolution Professional or Resolution Professional to submit the list of creditors on an electronic platform for dissemination on its website. This will improve transparency and enable stakeholders to ascertain the details of their claims at a central place.

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