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ARTICLE · 30 MAY 2024

Restructuring & Insolvency Monthly Update | May 2024

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The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations...

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STATUTORY UPDATES

Discussion Paper on 'Strengthening the process of issuance of record of default by Information Utility' dated May 10, 2024

  • The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021 (IU Regulations) for the purposes of enhancing the effectiveness and acceptability of the Record of Default (RoD) issued by an Information Utility (IU).
  • The discussion paper proposes the following 6 amendments in the existing IU Regulations to strengthen the process of issuance of RoD by the IU and enhance its credibility for the purposes of adjudication of the insolvency petition.
    • Response time to debtor: In order to provide reasonable and sufficient time to the debtors and prevent delays in the admission of a Petition for initiation of insolvency, the IBBI has proposed to allow a duration of 7 days (as against 3 days) to the debtor to

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