## Report on the Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Insolvency and Bankruptcy Board of India (IBBI) Information Utilities Amendment Regulations, 2022, as published in the Gazette of India on June 14, 2022. This amendment modifies the Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017. The core purpose of these amendments is to introduce a standardized "record of default" and refine the process for authenticating default information filed with Information Utilities (IUs). Key changes include the mandatory filing of default information with IUs before initiating insolvency proceedings, a structured process for authenticating default information with defined statuses (Authenticated, Disputed, Deemed to be Authenticated), and a specific form (Form D) for issuing the "record of default."
**2. Introduction:**
This report aims to provide an informative overview of the Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2022, based solely on the provided policy text. It focuses on understanding the changes introduced, their potential impact, and the intended beneficiaries, as derived from the official gazette notification.
**3. Policy Overview:**
* This document amends the Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017.
* **Core Objective(s):** The primary objectives of the amendment, as inferred from the text, are to:
* Establish a formal "record of default" mechanism within the IU framework.
* Standardize the process of authenticating information of default filed with IUs.
* Enhance transparency and efficiency in the insolvency resolution process.
**4. Background and Rationale:**
This amendment likely seeks to address potential inconsistencies or ambiguities in the existing regulations regarding the handling of default information by IUs. The introduction of a "record of default" suggests a need for a more structured and verifiable process for confirming defaults before initiating corporate insolvency resolution processes (CIRPs). The amendment refines the process for authenticating default data and clarifies the obligations and responsibilities of both creditors and IUs in this regard.
**5. Key Provisions / Changes:**
The key changes introduced by this amendment are:
* **Regulation 2 Amendment:** A new clause (la) is inserted in sub-regulation 1 of regulation 2, defining "record of default" as the "status of authentication of default issued in Form D of the Schedule." This formally defines the "record of default."
* **Regulation 20 Amendment:** A new sub-regulation (1A) is inserted in regulation 20, mandating creditors to file default information with an IU *before* initiating a CIRP under Section 7 or 9 of the Insolvency and Bankruptcy Code (IBC). The IU must then process this information to issue the "record of default" as per regulation 21. This creates a *pre-requisite* for initiating CIRP, requiring verification through the IU.
* **Regulation 21 Amendment:** The title of regulation 21 is changed from "Information of default" to "Authentication of default." Sub-regulation 2 is amended to include MCA 21 and CERSAI registry. Sub-regulations 3 and 4 are entirely replaced with new provisions. The new sub-regulation 3 outlines a structured process for IUs to record the "status of authentication of information of default," using a color-coded system (Green, Red, Yellow) based on the debtor's response (or lack thereof). A separate table is provided for financial creditors that are banks included in the second schedule of the Reserve Bank of India Act, 1934. New sub-regulation 4 requires the IU to communicate the "status of authentication" to registered creditor users and relevant parties/sureties through the "record of default" in Form D. This *completely overhauls* the authentication process, introducing defined statuses, color codes, and mandatory communication to stakeholders.
* **Regulation 41 Amendment:** Sub-regulation 8 is replaced to state that disciplinary proceedings will be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017.
* **Schedule Amendments:** Form C is amended to include a new clause (f) under Para 87 (Debt) requiring "document showing latest acknowledgment of debt by the debtor." More importantly, a new *Form D, the "RECORD OF DEFAULT,"* is introduced. This form requires details such as the corporate debtor's name, Unique Debt Identifier Number, registered address, total debt amount, default amount remaining, date of default, and the status of authentication. It also includes color-coding (Green, Yellow, Red) to visually represent the authentication status.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders affected by these amendments are:
* Financial and Operational Creditors: The changes directly impact their process for initiating CIRPs and require them to file default information with IUs beforehand.
* Corporate Debtors: The amendment introduces a more formal process for acknowledging or disputing defaults, impacting their defense strategies.
* Information Utilities: The amendment significantly changes their responsibilities, requiring them to authenticate default information, maintain a record of default, and communicate the status to stakeholders.
* Sureties: They now receive the status of authentication
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Insolvency and Bankruptcy Board of India (IBBI) is responsible for implementing and overseeing these regulations. The IUs are directly responsible for carrying out the authentication process and issuing the record of default.
* **Timelines or procedures:** The amendment mandates that creditors file default information with the IU *before* initiating CIRP. IUs must follow the defined process in regulation 21 to authenticate the information and communicate the status in Form D. The debtor has the opportunity to confirm or dispute the information of default with reminders.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments are:
* **Reduced frivolous applications for CIRP:** By requiring creditors to first file and authenticate default information with an IU, the amendment aims to weed out weak or unsubstantiated CIRP applications.
* **Increased transparency and efficiency:** The standardized "record of default" and the structured authentication process are likely to improve transparency and efficiency in the insolvency resolution process.
* **Better informed decision-making:** By providing clear, color-coded information on the status of default authentication, the amendment aims to facilitate better informed decision-making by all stakeholders.
* **Improved data quality:** The requirement for IUs to verify default information against MCA 21 and CERSAI databases (or other approved repositories) should enhance the quality of data available for insolvency proceedings.
**9. Conclusion:**
The Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2022, represent a significant step towards standardizing and streamlining the process of handling default information within the insolvency framework. By introducing a formal "record of default" and clarifying the responsibilities of creditors, debtors, and IUs, these amendments are likely to improve the efficiency, transparency, and fairness of the insolvency resolution process under the IBC.
Key Entities Referenced
NEW DELHI: The city where the notification was issued.
Insolvency and Bankruptcy Board of India: An organization responsible for insolvency and bankruptcy regulations in India.
Insolvency and Bankruptcy Code, 2016: A law related to insolvency and bankruptcy in India.
Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017: Regulations related to information utilities under the Insolvency and Bankruptcy Board of India.
Insolvency and Bankruptcy Board of India Information Utilities Amendment Regulations, 2022: Amendment regulations to the Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017.
Official Gazette: The official publication where the regulations are published.
Form D: A form related to the record of default as per the schedule of the regulations.
MCA 21: Related to Ministry of Corporate Affairs
Central Registry of Securitisation Asset Reconstruction and Security Interest of India: A registry for securitization and asset reconstruction in India (CERSAI).
Reserve Bank of India Act, 1934: The act governing the Reserve Bank of India.
Insolvency and Bankruptcy Board of India Inspection and Investigation Regulations, 2017: Regulations related to inspection and investigation by the Insolvency and Bankruptcy Board of India.
Form C: A form within the schedule of the Insolvency and Bankruptcy Board of India Information Utilities Regulations, 2017.
Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2017: Rules pertaining to application to adjudicating authority.
RAVI MITAL: Chairperson of Insolvency and Bankruptcy Board of India
Mayapuri, New Delhi: Location of the Government of India Press in Delhi.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअID.-E1x5x0x 62022-236592
CG-DL-E-15062022-236592
ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 303] नइ ददल्ली, मगं लवार, जनू 14, 2022/ज्य ष्े ि 24, 1944
No. 303] NEW DELHI TUESDAY, JUNE 14, 2022/JYAISTHA 24, 1944
भारतीय ददवाला और िोधन ऄक्षमता बोड ड
ऄजधसचू ना
नइ ददल्ली, 14 जून, 2022
भारतीय ददवाला और िोधन ऄक्षमता बोडड (आनफॉरमिे न यटू िजलिी) (सिं ोधन) जवजनयम, 2022
स.ं अइ.बी.बी.अइ./2022-23/जी.एन./अर.इ.जी.085.— भारतीय ददवाला और िोधन ऄक्षमता बोड,ड ददवाला
और िोधन ऄक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पटित धारा 196, 213, 214 और 215 द्वारा
प्रदत्त िजियों का प्रयोग करत े हुए, भारतीय ददवाला और िोधन ऄक्षमता बोड ड (आनफॉरमेिन यूटिजलिी) जवजनयमन,
2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै ऄथाडत:् -
1. (1) आन जवजनयमों का संजक्षप्त नाम भारतीय ददवाला और िोधन ऄक्षमता बोडड (आनफॉरमेिन यूटिजलिी) (संिोधन)
जवजनयम, 2022 ि ै।
(2) य ेराजपत्र में ईनके प्रकािन की तारीख को प्रवृत्त िोंग े।
2. भारतीय ददवाला और िोधन ऄक्षमता बोड ड (आनफॉरमेिन यूटिजलिी) जवजनयमन, 2017 (जजन्ि ें आसमें आसके
पश्चात् मलू जवजनयम किा गया ि)ै के जवजनयम 2 के ईप-जवजनयम (1) में, खंड (ि) के पश्चात,् जनम्नजलजखत खंड ऄंतःस्ट्थाजपत
दकया जाएगा, ऄथाडत:् -
“(िक) “चूक का ऄजभलेख” से ऄनुसूची के प्ररूप घ म ेंजारी दकए गए चूक के प्रमाणन की प्राजस्ट्थजत ऄजभप्रेत ि ै।”
3. मूल जवजनयमों के जवजनयम 20 में,-
(i) ईप-जवजनयम (1) के पश्चात,् जनम्नजलजखत ईप-जवजनयम ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्:-
4028 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(1क) लेनदार, यथाजस्ट्थजत, धारा 7 या धारा 9 के ऄधीन कारपोरेि ददवाला समाधान प्रदिया अरंभ करने के जलए
अवेदन फाआल करन े से पूव ड आनफॉरमेिन यूटिजलिी के समक्ष चूक की सूचना फाआल करेगा और आनफॉरमिे न
यूटिजलिी ईस सूचना के संबंध में, जवजनयम 21 के ऄनुसार चूक का ऄजभलेख जारी करन े के प्रयोजनाथ ड कायडवािी
करेगा ।”
(ii) ईप-जवजनयम (2) म,ें “ईप-जवजनयमन (1)” िब्दों, कोष्ठकों और ऄंक के स्ट्थान पर “यथाजस्ट्थजत, ईप-जवजनयम
(1) या ईप-जवजनयम (1क)” िब्द, कोष्ठक और ऄंक रखे जाएंगे ।
4. मूल जवजनयमों के जवजनयम 21 में,-
(i) जवजनयम के संजक्षप्त िीर्डक “चूक की सूचना” के स्ट्थान पर “चूक का प्रमाणन” रखा जाएगा;
(ii) ईप-जवजनयम (2) के खडं (ग) में, ईपखंड (ii) के स्ट्थान पर जनम्नजलजखत ईपखंड रखा जाएगा, ऄथातड ्:-
“(ii) एम.सी.ए.21 तथा भारतीय प्रजतभूजतकरण अजस्ट्त पुनगडिन और प्रजतभूजत जित की केन्रीय
रजजस्ट्री(सी.इ.अर.एस.ए.अइ.) के पास जनधान के रूप में या बोडड द्वारा यथा-ऄनुमोददत दकसी ऄन्य कानूनी जनधान
के पास ऄजभजलजखत ि,ै जजसके न िो सकन े पर,”
(iii) ईप-जवजनयम (3) और ईप-जवजनयम (4) के स्ट्थान पर जनम्नजलजखत ईप-जवजनयम रखे जाएगं े, ऄथाडत:् -
“(3) आनफॉरमेिन यूटिजलिी, ईप-जवजनयम (2) के ऄधीन प्रदिया पूरी िोने पर चूक की सचू ना के प्रमाणन की
प्राजस्ट्थजत जनम्नजलजखत सारजणयों में यथा-ईपदर्शित रूप में ऄजभजलजखत करेगी:
सारणी-1
िम सं. ऋणी का प्रत्युत्तर प्रमाणन की प्राजस्ट्थजत प्राजस्ट्थजत का रंग
(1) (2) (3) (4)
1 ऋणी चूक की सूचना की पुजि करता ि ै प्रमाजणत िरा
2 ऋणी चूक की सूचना को जववाददत करता ि ै जववाददत लाल
3 ऋणी, तीन ऄनुस्ट्मारकों के पश्चात् भी प्रत्युत्तर निीं प्रमाजणत समझी जानी ि ै पीला
देता ि ै
परन्तु ऐसे जवत्तीय लेनदारों की दिा में, जो भारतीय टरज़वड बैंक ऄजधजनयम, 1934 की दसू री ऄनुसूची में
सजममजलत बैंक ि,ैं आनफॉरमिे न यूटिजलिी, चूक की सूचना के प्रमाणन की प्राजस्ट्थजत, नीचे सारणी 2 में यथा-ईपदर्शित रूप
में ऄजभजलजखत करेगा:
सारणी-2
िम सं. ऋणी का प्रत्युत्तर प्रमाणन की प्राजस्ट्थजत प्राजस्ट्थजत का रंग
(1) (2) (3) (4)
1 (क) ऋणी चूक की सूचना की पजु ि करता ि,ै या प्रमाजणत िरा
(ख) ऋणी, तीन ऄनुस्ट्मारकों के पश्चात ्भी प्रत्युत्तर
निीं देता ि ै
2 ऋणी चूक की सूचना को जववाददत करता ि ै जववाददत लाल
(4) आनफॉरमेिन यूटिजलिी, ईप-जवजनयम (3) के ऄधीन चूक की सूचना की प्राजस्ट्थजत ऄजभजलजखत करने के पश्चात,् प्रमाणन
की प्राजस्ट्थजत को, ऄनुसूची के प्ररूप घ में चूक का ऄजभलेख जारी करके, यथा-जस्ट्थजत, सारणी 1 या सारणी 2 के स्ट्तंभ (4)
में यथा-ईपदर्शित सुसंगत रंग को भौजतक या आलैक्ट्रॉजनक रूप में ऐसे रजजस्ट्रीकृत ईपयोिाओं को संसूजचत करेगा, जो –
क) ऐसे ऋणी के लेनदार ि,ैं जजसने दकसी ऋण का भुगतान करने में चूक की ि;ै[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3
ख) ऐसे ऋण के पक्षकार और प्रजतभूजतदाता, जजसकी बाबत चकू की सूचना प्राप्त हुइ ि ै।”
5. मूल जवजनयमों के जवजनयम 41 के ईप-जवजनयम (8) के स्ट्थान पर जनम्नजलजखत रखा जाएगा, ऄथाडत्:-
“(8) ऄनिु ासजनक कायडवाजियों का संचालन भारतीय ददवाला और िोधन ऄक्षमता बोडड (जनरीक्षण और ऄन्वेर्ण)
जवजनयम, 2017 के ईपबंधों के ऄनुसार दकया जाएगा ।”
6. मूल जवजनयमों की ऄनुसूची के प्ररूप ग में, “ऋण” िीर्ड के नीचे पैरा 87 म,ें खंड ङ के पश्चात् जनम्नजलजखत खडं
ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत:् -
“च. ऋणी द्वारा ऋण की ऄद्यतन ऄजभस्ट्वीकृजत दिाडने वाला दस्ट्तावेज़ ।”
7. मूल जवजनयमों की ऄनुसूची में, प्ररूप ग के पश्चात्, जनम्नजलजखत प्ररूप ऄतं ःस्ट्थाजपत दकया जाएगा, ऄथातड ्:-
प्ररूप घ*
चूक का ऄजभलेख
(आनफॉरमेिन यूटिजलिी द्वारा भारतीय ददवाला और िोधन ऄक्षमता बोड ड(आनफॉरमेिन यूटिजलिी) जवजनयमन, 2017 के
जवजनयम 21 के ईप-जवजनयम (4) के ऄधीन जारी दकया गया)
चूक का ऄजभलेख, _________जवत्तीय/प्रचालन लेनदार को, नीचे ददए गए ब्यौरे के ऄनुसार ऋण की चूक की बाबत जारी
दकया जाता ि ै-
(क) कारपोरेि ऋणी का नाम:
(ख) सजु भन्न ऋण पिचानकता डसखं यांक:
(ग) रजजस्ट्रीकृत पता:
(घ) ऋण की कुल रकम:
(ङ) बकाया चकू की रकम:
(च) चकू की तारीख:
(छ) चकू के प्रमाणन की प्राजस्ट्थजत:
चकू का फाआल दकया कब प्रस्ट्ततु दकया गया प्रमाणन की प्राजस्ट्थजत प्रमाणन कब परू ा हुअ
जाना (प्रस्ट्तजु त अइ.डी. (प्रमाजणत/जववाददत/प्रमाजणत
(ता/मास/वर्)ड (ता/मास/वर्)ड
स.े की गइ समझी गइ)
(रंग कोड: यथाजस्ट्थजत, िरा
या पीला या लाल
................(आनफॉरमेिन यूटिजलिी का नाम) को चूक का यि ऄजभलेख जारी करने के जलए प्राजधकृत दकया जाता ि ै और
ईसने भारतीय ददवाला और िोधन ऄक्षमता बोडड (आनफॉरमेिन यूटिजलिी) जवजनयमन, 2017, कोर सेवाओं और ऄन्य
सेवाओं के जनष्पादन के जलए तकनीकी मानकों संबंधी ददिाजनदेिों और ददवाला और िोधन ऄक्षमता (न्यायजनणाडयक
प्राजधकारी को अवेदन) जनयम, 2017 के साथ पटित ददवाला और िोधन ऄक्षमता संजिता, 2016 के ईपबंधों के ऄनुसार
ऄपन ेजडजीिल िस्ट्ताक्षर दकए ि ैं।
तारीख:
प्राजधकृत िस्ट्ताक्षरकता डके जडजीिल िस्ट्ताक्षर
टिप्पण:
1. संबंजधत आनफॉरमेिन यूटिजलिी द्वारा तकनीकी ब्यौरे ऄतं ःस्ट्थाजपत दकए जा सकेंगे
2. संबंजधत आनफॉरमेिन यूटिजलिी द्वारा सिायक ईपाबंधों की सूची संलग्न की जा सकेगी ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. आनफॉरमेिन यूटिजलिी द्वारा ऄन्य ब्यौरे/दस्ट्तावेज़, यदद कोइ ि,ैं संलग्न दकए जा सकेंगे ।
*(टिप्पण: आस प्ररूप में, ऐसे अवश्यक ईपांतरणों सजित, जो आनफॉरमेिन यूटिजलिी ईजचत समझे, सूचना जारी की जा
सकेगी)
रजव जमत्तल, ऄध्यक्ष
[जवज्ञापन III/4/ऄसा./122/2022-23]
टिप्पण: भारतीय ददवाला और िोधन ऄक्षमता बोड ड (आनफॉरमेिन यटू िजलिी) जवजनयमन, 2017, भारत के राजपत्र,
ऄसाधारण, भाग 3, खंड 4, स.ं 129 में तारीख 31 माचड, 2017 को ऄजधसूचना सं. अइ.बी.बी.अइ./2016-
17/जी.एन./अर.इ.जी.009, तारीख 31 माचड, 2017 द्वारा प्रकाजित दकए गए थे और ईनमें ऄंजतम संिोधन
भारत के राजपत्र, ऄसाधारण, भाग 3, खडं 4, सं. 175 में तारीख 13 ऄप्रलै , 2021 को ऄजधसूचना स.ं
अइ.बी.बी.अइ./2021-22/जी.एन./अर.इ.जी.072, तारीख 13 ऄप्रलै , 2021 द्वारा प्रकाजित भारतीय
ददवाला और िोधन ऄक्षमता बोडड (आनफॉरमेिन यूटिजलिी) (सिं ोधन) जवजनयम, 2021 द्वारा दकया गया था ।
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
NOTIFICATION
New Delhi, the 14th June, 2022
Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022
No. IBBI/2022-23/GN/REG085.—In exercise of the powers conferred by section 196, 213, 214, 215 read
with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board
of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India
(Information Utilities) Regulations, 2017, namely: -
1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities)
(Amendment) Regulations, 2022.
(2) These Regulations shall come into force on the date of their publication in the Official Gazette.
2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, (hereinafter referred to
as „the principal regulations‟), in regulation 2, in sub-regulation (1), after clause (l), following clause shall be inserted
namely: -
“(la) “record of default” means the status of authentication of default issued in Form D of the Schedule.”
3. In the principal regulations, in regulation 20 —
(i) after sub-regulation (1), the following sub-regulation shall be inserted, namely: -
“(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.”
(ii) in sub-regulation (2), after the words, figures and brackets “sub-regulation (1)”, the words, figures and brackets
“or sub-regulation (1A), as the case may be” shall be inserted.
4. In the principal regulations, in regulation 21—
(i) the short title of regulation, “Information of default.” shall be substituted, by “Authentication of default.”;
(ii) in sub-regulation (2), in clause (c), for sub-clause (ii), the following sub-clause shall be inserted namely:-
“(ii) recorded with MCA 21 and the Central Registry of Securitisation Asset Reconstruction and Security
Interest of India (CERSAI) registry as repositories or any other statutory repository as approved by the
Board, failing which,”
(iii) for sub-regulation (3) and (4), the following sub-regulations shall be substituted, namely: -[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5
“(3) On completion of the process under sub-regulation (2), the information utility shall record the status of
authentication of information of default as indicated in the following Tables:
TABLE-1
SI. No. Response of the Debtor
Colour of the
Status of Authentication Status
(1) (2) (3) (4)
1 Debtor confirms the information of default Authenticated Green
2 Debtor disputes the information of default Disputed Red
Deemed to be Yellow
Authenticated
3 Debtor does not respond even after three reminders
Provided that in case of financial creditors which are banks included in the second schedule of the
Reserve Bank of India Act, 1934, the information utilities will record the status of authentication of
information of default as indicated in the Table 2 below:
TABLE-2
SI. No. Response of the debtor Status of authentication Colour of the status
(1) (2) (3) (4)
1 (a) Debtor confirms the information of default, Authenticated Green
or
(b) Debtor does not respond even after three reminders
2 Debtor disputes the information of default Disputed Red
(4) After recording the status of information of default under sub-regulation (3), the information utility shall
communicate the status of authentication in physical or electronic form of the relevant colour, as indicated in
column (4) of the Tables 1 or 2, as the case may be, by issuing a record of default in Form D of the Schedule,
to the registered users who are-
(a) creditors of the debtor who has defaulted in payment of a debt;
(b) parties and sureties, if any, to the debt in respect of which the information of default has been received.”
5. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, in regulation 41 for
sub-regulation (8), the following shall be substituted, namely:-
“(8) The disciplinary proceedings shall be conducted in accordance with the provisions of the Insolvency and
Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017.”
6. In the principal regulations, in the Schedule, in Form C, in Para 87 under the heading “Debt” after clause „e‟, the
following clause shall be inserted, namely: -
“f. document showing latest acknowledgment of debt by the debtor.”
7. In the principal regulations, in the Schedule, after Form C, the following Form shall be inserted, namely: -
FORM D*
RECORD OF DEFAULT
(Issued By information utility under sub- regulation (4) of regulation 21 of the Insolvency and Bankruptcy Board of
India (Information Utilities) Regulations, 2017)
This record of default is issued to the Financial/Operational Creditor ______ in respect of the default of debt as per6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
details given below-
(a) Name of Corporate Debtor:
(b) Unique Debt Identifier Number:
(c) Registered Address:
(d) Total debt amount:
(e) Default amount remaining:
(f) Date of default:
(g) Status of Authentication of default:
Filing of Default Submitted on Status of Authentication Authentication
completed on
(Submission ID (DD/MM/YY) (Authenticated/Disputed/Deemed to be
No.) authenticated) (DD/MM/YY)
(Colour Code: Green or yellow or Red, as the
case may be)
……………….(name of the information utility) is authorized to issue this record of default and has accordingly
affixed its digital signature, as per the provisions of the Insolvency and Bankruptcy Code, 2016 read with
Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, Guidelines for Technical
Standards for Performance of Core Services and Other Services and the Insolvency and Bankruptcy (Application to
Adjudicating Authority) Rules, 2017.
Date:
Digital Signature of the Authorized Signatory
Note:
1. Technical details may be inserted by the respective Information Utility
2. List of supportive annexures may be enclosed by the respective Information Utility
3. Other details/documents, if any, may be enclosed by the Information Utility
*(Note: Information may be issued in this Form with necessary modifications as the information utility deems fit)
RAVI MITAL, Chairperson
[ADVT.-III/4/Exty./122/2022-23]
Note: The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published vide
notification No. IBBI/2016-17/GN/REG009 dated 31st March, 2017 in the Gazette of India, Extraordinary,
Part III, Section 4, No. 129 on 31st March, 2017 and were last amended by the Insolvency and Bankruptcy
Board of India (Information Utilities) (Amendment) Regulations, 2021 published vide notification No.
IBBI/2021-22/GN/REG072, dated the 13th April, 2021 in the Gazette of India, Extraordinary, Part III,
Section 4, No. 175 on 13th April, 2021.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.