The Insolvency and Bankruptcy Board of India vide its notification dated 13th April 2021 has published the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 to further amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
The amendment is brought under regulation 27 which deals with duties of the users in which a user, who has submitted information in Form C of the Schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of following month: Provided that information of default shall be updated within seven days of occurrence of default.
Further under regulation 36A, an information utility shall publish statistics relating to debt related information in its possession, quarterly and the statistics shall provide distribution of debts in terms of currency, geography, sector, size, tenor, type, lending arrangement, and incidence of default.
