IBBI Mandates ‘Information Utilities’ to Verify Key Information Before Issuing a Record of Default in Form D
- News|Blog|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
- |
- 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
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
![](https://www.taxmann.com/post/wp-content/uploads/2021/07/logo_Taxmann-Tax-CL-of-India-for-Web_Sept18.png)
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied