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RBI directs “ Financial creditors” to submit financial information to “Information Utilities”

IBBI updates

RBI directs financial creditors to submit financial and any other information related to assets in to an information utility. The same has been mentioned in Section 215 of Insolvency and Bankruptcy Code (IBC), 2016.

Further, RBI has highlighted that on April 1, 2017 Chapter V of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 has come into effect wherein it has outlined the forms and manner in which financial creditors can submit information to IUs.

In addition, September 25, 2017 IBBI had registered National E-Governance Services Limited (NeSL) as the first IU under the IBBI (IUs) Regulations, 2017.

Further it has been specified that as per Section 238 of the IBC anything which is inconsistent in any other law for the time being in force or any instrument have effect by virtue of any such law.

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