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Date: 13-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 196, 213, 214, 215 read with section 240 of the Insolvency and Bankruptcy Code

Issued by Insolvency and Bankruptcy Board of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Insolvency and Bankruptcy Board of India (IBBI) has issued the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024, amending the 2017 regulations.
  • These amendments primarily focus on improving the process of recording defaults and providing greater clarity and timeframes for information sharing related to defaults.

Key Changes

  • Timeframes for providing information to Information Utilities (IUs) have been revised. The time for providing technical standards information is reduced to seven days from the previously unspecified time, and the time for other information is also reduced to seven days from three days.
  • New verification procedures for default information are introduced before the record of default is issued. IUs must verify key details such as the debtor's email address, proof of debt, acknowledgment of debt, and proof of default.
  • The process for handling disputes regarding default amounts is clarified. If a debtor disputes a portion or all of the default amount, they must provide reasons and evidence. For financial creditors who are banks listed in the Reserve Bank of India Act, 1934's Second Schedule, the IU will record the undisputed portion as 'authenticated' and the disputed portion as 'disputed'.
  • Regulation 21A is added to address verification of information before a default record is issued, and the existing regulation 21A (regarding dissemination of public announcements) is renumbered as 21B.
  • The amendments will come into effect on October 1, 2024, except for regulations 3 and 5, which will come into effect on December 1, 2024.

Impact Analysis

Impact on Information Utilities

  • Potential for increased operational costs associated with the new verification and dispute resolution processes.

Impact on Creditors

  • Need to comply with the new timeframes for providing information to IUs.

Impact on Debtors

  • Need to understand and comply with the new verification and dispute resolution processes.

Suggested Actions

  • The IBBI should provide guidance and support to stakeholders to ensure smooth implementation of the amendments.

Key Entities Referenced

Insolvency and Bankruptcy Board of India (IBBI): The issuing authority of the amendment regulations. Responsible for overseeing insolvency and bankruptcy processes in India. Information Utilities (IUs): Entities responsible for collecting, processing, and disseminating information related to defaults. Reserve Bank of India Act, 1934: The Act defining the second schedule which lists banks relevant to the dispute resolution process outlined in the amendment. Insolvency and Bankruptcy Code, 2016 (31 of 2016): The primary legislation under which the IBBI operates and which grants the power to issue these regulations. Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017: The original regulations that are being amended by the current notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16082024-256400 xxxGIDHxxx CG-DL-E-16082024-256400 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 616] नई दिल्ली मगं लवार, अगस्ट्त 13, 2024/श्रावण 22, 1946 No. 616] NEW DELHI, TUESDAY, AUGUST 13 2024/SHRAVANA 22, 1946 भारतीय दिवाला और िोधन अक्षमता बोड ड अजधसचू ना नई दिल्ली, 13 अगस्ट् त, 2024 भारतीय दिवाला और िोधन अक्षमता बोडड (इनफॉरमिे न यटू िजलिी) (सिं ोधन) जवजनयम, 2024 आई.बी.बी.आई./2024-25/िी.एन./आर.ई.िी.114.—भारतीय दिवाला और िोधन अक्षमता बोडड, दिवाला और िोधन अक्षमता संजिता, 2016 (2016 का 31) की धारा 240 के साथ पटित धारा 196, 213, 214 और 215 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, भारतीय दिवाला और िोधन अक्षमता बोड ड (इनफॉरमेिन यूटिजलिी) जवजनयमन, 2017 का और संिोधन करने के जलए जनम्नजलजखत जवजनयम बनाता ि,ै अथाडत:् - 1. (1) इन जवजनयमों का संजक्षप्त नाम भारतीय दिवाला और िोधन अक्षमता बोडड (इनफॉरमेिन यूटिजलिी) (संिोधन) जवजनयम, 2024 ि ै। (2) ये जवजनयम 1 अिूबर, 2024 से प्रवृत्त िोंग,े जसवाय इन जवजनयमों के जवजनयम 3 और 5 के, िो 1 दिसम्बर, 2024 से प्रवृत्त िोंग े। 2. भारतीय दिवाला और िोधन अक्षमता बोड ड (इनफॉरमेिन यटू िजलिी) जवजनयमन, 2017 (जिन्ि ें इसमें इसके पश्चात ् ‘मूल जवजनयम’ किा गया ि)ै के जवजनयम 21 के उप-जवजनयम (2) म,ें (i) खंड (क) में, “तकनीकी मानकों में जवजनर्िडष्ट समय के भीतर” िब्िों के स्ट्थान पर “सात दिनों के भीतर” िब्ि रखे िाएंग े । 5140 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (ii) खंड (ख) म,ें “तीन दिन” िब्िों के स्ट्थान पर, “सात दिन” िब्ि रखे िाएंगे। 3. मूल जवजनयमों के जवजनयम 21 में, (i) उप-जवजनयम (2) के खंड (ग) म,ें उप-खंड (iii) के स्ट्थान पर, जनम्नजलजखत उप-खंड रखा िाएगा, अथातड ्:- “(iii) अनुसूची के प्ररूप ग में - (अ) दकसी ऐसे जवत्तीय लेनिार द्वारा, िो दक भारतीय टरज़वड बकैं अजधजनयम, 1934 की िसू री अनुसूची म ेंसजम्मजलत कोई बैंक िै; (आ) दकसी अन्य लेनिार द्वारा, संजिता की धारा 3(8) में यथा-पटरभाजित कारपोरेि ऋणी स े जभन्न दकसी ऋणी की बाबत, प्रस्ट्तुत दकया गया ि ै।” (ii) उप-जवजनयम (3) में, सारणी 2 के पश्चात् जनम्नजलजखत परन्तुक रखा िाएगा, अथातड ्:- “परन्तु यि और दक ऐसे जवत्तीय लेनिारों की ििा में, िो भारतीय टरज़वड बैंक अजधजनयम, 1934 की िसू री अनुसूची में सजम्मजलत बैंक ि,ैं िब कोई ऋणी चूक की रकम के दकसी भाग को जववादित करता ि ै या ऐसा जववाि केवल गैर-जवत्तीय सूचना की बाबत ि ै तब इनफॉरमिे न यूटिजलिी, चूक की अजववादित रकम की बाबत प्रमाणन की प्राजस्ट्थजत ‘प्रमाजणत’ रूप म ेंलेखबद्ध करेगी ।” 4. मूल जवजनयमों म,ें “लोक आख्यापन का प्रसारण” के संबंध में जवद्यमान जवजनयम 21क को जवजनयम 21ख के रूप म ें पुनसंख्यांदकत दकया िाएगा और इस प्रकार पुनसंख्यांदकत जवजनयम 21ख स े पूवड, जनम्नजलजखत जवजनयम अंतःस्ट्थाजपत दकया िाएगा, अथाडत:् - “21क. चकू का अजभलखे िारी करन ेस ेपवू डसचू ना का सत्यापन (1) कोई इनफॉरमेिन यूटिजलिी, जवजनयम 21 के अधीन अनुसचू ी के प्ररूप घ में चूक का अजभलेख िारी करने से पूवड प्रमुख ब्यौरों, अथातड ्, ऋणी के ईमेल पत,े ऋण का सबूत ििाडने वाल े िस्ट्तावेज़, ऋणी द्वारा ऋण की अद्यतन अजभस्ट्वीकृजत और चूक के सबूत को सत्याजपत करेगी ।” 5. मूल जवजनयमों के ‘चूक का अजभलेख िारी करन े से पूव ड सूचना का सत्यापन’ से संबंजधत संिोजधत जवजनयम 21क में, उप-जवजनयम (1) के पश्चात,् जनम्नजलजखत उप-जवजनयम अंतःस्ट्थाजपत दकए िाएंगे, अथाडत्:- “(2) यदि ऋणी चूक की रकम के दकसी भाग या चूक की संपणू ड रकम को जववादित करता ि ै तो ऐसा ऋणी ऐस े जववाि के कारण िगे ा और उसके जलए साक्ष्य अपलोड करेगा । (3) ऐस े जवत्तीय लेनिारों की ििा में, िो भारतीय टरज़व ड बैंक अजधजनयम, 1934 की िसू री अनुसूची म ें सजम्मजलत बैंक ि,ैं कोई इनफॉरमेिन यूटिजलिी, चूक की उस रकम के जलए, जिसके संबंध में जववाि का साक्ष्य प्राप्त िो गया ि ै और उस े सत्याजपत दकया गया ि,ै ‘जववादित’ रूप में प्रमाणन की प्राजस्ट्थजत वाली चूक का अजभलेख िारी करेगी और चूक की िेि रकम की बाबत ‘प्रमाजणत’ रूप में प्रमाणन की प्राजस्ट्थजत वाली चूक का अजभलेख िारी करेगी ।” रजव जमत्तल, अध्यक्ष [जवज्ञापन-III/4/असा./385/2024-25] टिप्पण: भारतीय दिवाला और िोधन अक्षमता बोडड (इनफॉरमेिन यूटिजलिी) जवजनयमन, 2017, भारत के रािपत्र, असाधारण, भाग 3, खंड 4, सं. 129 म ें तारीख 31 माचड, 2017 को अजधसूचना सं. आई.बी.बी.आई./2016- 17/िी.एन./आर.ई.िी.009, तारीख 31 माच,ड 2017 द्वारा प्रकाजित दकए गए थ े और उनमें अंजतम संिोधन[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 भारत के रािपत्र, असाधारण, भाग III, खंड 4, सं. 463 में तारीख 20 जसतम्बर, 2022 को अजधसूचना सं. आई.बी.बी.आई./2022-23/िी.एन./आर.ई.िी.098, तारीख 20 जसतम्बर, 2022 द्वारा प्रकाजित भारतीय दिवाला और िोधन अक्षमता बोड ड (इनफॉरमेिन यूटिजलिी) (िसू रा संिोधन) जवजनयम, 2022 द्वारा दकया गया था । INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 13th August, 2024 Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2024 No. IBBI/2024-25/GN/REG114.—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, 2024. (2) They shall come into force on 1st October 2024, except regulation 3 and 5 of these Regulations which shall come into force on 1st December 2024. 2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, (hereinafter referred to as ‘the principal regulations’), in regulation 21, in sub-regulation (2), (i) in clause (a), for the words “the time specified in the Technical Standards”, the words, “seven days” shall be substituted. (ii) in clause (b), for the words “three days”, the words, “seven days” shall be substituted. 3. In the principal regulations, in regulation 21, (i) in sub-regulation (2), in clause (c), for sub-clause (iii), the following sub-clause, shall be substituted, namely:- “(iii) submitted in Form C of the Schedule: (A) by a financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934; (B) by any other creditor, in respect of a debtor other than the corporate debtor as defined in section 3(8) of the Code.” (ii) in sub-regulation (3), after Table 2, the following proviso shall be inserted, namely: - “Provided further that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.” 4. In the principal regulations, existing regulation 21A regarding “Dissemination of public announcement” shall be re- numbered as regulation 21B, and before regulation 21B so renumbered, the following regulation shall be inserted, namely: - “21A. Verification of information before issuance of a record of default. (1) An information utility shall verify the key details such as e-mail address of the debtor, document showing proof of debt, latest acknowledgment of debt by the debtor and proof of default before issuance of record of default in Form D of the Schedule under regulation 21.” 5. In the principal regulations, in the amended regulation 21A regarding ‘Verification of information before issuance of record of default’, after sub-regulation (1), the following sub-regulations shall be inserted, namely: - “(2) In case a debtor disputes a part of default amount or entire default amount, such debtor shall provide the reasons for such dispute and upload the evidence for the same.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (3) In case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, an information utility shall issue a record of default with the status of authentication as ‘disputed’ for the default amount for which evidence of dispute has been received and verified, and issue a record of default with the status of authentication as ‘authenticated’ in respect of the balance default amount.” RAVI MITAL, Chairperson [ADVT.-III/4/Exty./385/2024-25] 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) (Second Amendment) Regulations, 2022 published vide Notification No. IBBI/2022-23/GN/REG/098, dated the 20th September, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 463 on 20th September, 2022. 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.

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