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
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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.
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