19/08/2024
Summary of the IBBI Notifications dated 13/08/2024.
These updates are integrated in our free-to-use website ca2013.com.
Introduction of IBBI (Information Utilities) (Amendment) Regulations, 2024
Vide this notification, the Board has inserted a procedure for verification of information before issuance of a record of default and amended the below-mentioned timelines w.e.f. 01st October 2024, within which the information utility shall undertake the authentication and verification of the information of default.
1. The utility shall deliver the information of default to the debtor seeking confirmation now within 7 days.
2. The utility shall allow a timeline of 7 days as against 3 days post each reminder for the debtor to respond for confirming the information of default.
W.e.f. 01st December 2024-
1. The above communication shall be made to the address submitted in Form C of the Schedule by a financial creditor or any other creditor except for a corporate debtor.
2. When a debtor disputes a part of the default amount or only the non-financial information, the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount, in case the financial creditor is a bank included in the second schedule of the RBI Act, 1934.
3. The debtor shall further provide the reason for such dispute and upload the evidence for the same and
4. The specified financial creditors shall follow the manner of recording the status as mentioned therein.
Click here to view this IBBI Notification.
Introduction of IBBI (Inspection and Investigation) (Amendment) Regulations, 2024
Vide this notification, the Disciplinary Committee shall now dispose of the show-cause notice within a period of 60 days from the due date for receipt of reply to the show-cause notice as against the earlier timelines of 35 days of the date of the issuance of the show-cause notice.
Click here to view this IBBI Notification.
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