IBBI Mandates ‘Information Utilities’ to Verify Key Information Before Issuing a Record of Default in Form D
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- Last Updated on 17 August, 2024
Notification No. No. IBBI/2024-25/GN/REG114; Dated: 13.08.2024
The IBBI has notified the IBBI (Information Utilities) (Amendment) Regulations, 2024. A new regulation, 21A, has been inserted, which mandates Information Utilities to verify key details such as the e-mail address of the debtor, a document showing proof of debt, the latest acknowledgement of the debt by the debtor and proof of default before issuing a record of default in Form D. An “Information Utility” means a person who is registered with the Board as an information utility u/s 210 of IBC.
Further, if a debtor disputes a part of the default amount or the entire default amount, such debtor must provide the reasons for such dispute and upload the evidence for the same.
Click Here To Read The Full Notification
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