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Union of India - Section

Section 21 in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

21. [ Information of default. [Substituted by Notification No. IBBI/2019-20/GN/REG046, dated 25.7.2019 (w.e.f. 31.3.2017).]

(1)An information utility shall expeditiously undertake the process of authentication and verification of information of default as soon as it is received.
(2)For the purpose of sub-regulation (1), the information utility shall -
(a)deliver the information of default to the debtor seeking confirmation of the same within the time specified in the Technical Standards;
(b)remind the debtor at least three times for confirmation of information of default, in case the debtor does not respond, allow three days each time for the debtor to respond;
(c)deliver the information of default or the reminder, as the case may be, to the debtor either by hand, post or electronic means at the postal or e-mail address of the debtor -
(i)registered with the information utility by him, failing which,
(ii)recorded with any other statutory repository as approved by the Board, failing which,
(iii)submitted in Form C of the Schedule.
(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 Table below:
Sl. No. Response of the Debtor Status of Authentication Colour of the Status
(1) (2) (3) (4)
1 Debtor confirms the information of default Authenticated Green
2 Debtor disputes the information of default Disputed Red
3 Debtor does not respond even after threereminders Deemed to be Authenticated Yellow
(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 Table thereof, to the registered users who are -
(a)creditors of the debtor who has defaulted;
(b)parties and sureties, if any, to the debt in respect of which the information of default has been received.]