IBBI Amends Guidelines for Technical Standards on Core and Other Services Under Information Utilities Regulations

Amendment dated 29.01.2025

The IBBI has notified amendment to the guidelines for technical standards for the performance of core services and other services under the IBBI (Information Utilities) regulations, 2017. The amendments include the use of Permanent Account Number (PAN) or other Officially Valid Documents (OVDs) for user identity verification during registration. Additionally, Information Utilities (IUs) are required to use the Unique Identification Authority of India’s (UIDAI) demographic authentication facility for verifying user identities.

Further, before filing an application to initiate corporate insolvency resolution process under section 7 or 9 of the Code, as the case may be, the submitter shall file the information of default, with the IU and the IU shall process the information for the purpose of issuing a Record of Default in accordance with Regulation 21.

Also, IU shall mark the ‘status’ of authentication of the submitted debt information where no default has been reported, for each record and each party in the following manner:

(a) ‘Not presented’: The IU shall present the information submitted, to the concerned parties for authentication, electronically. Till such time that the information is electronically delivered to the concerned parties, the status shall be marked as ‘Not presented’;

(b) ‘Pending’: When the intimation is delivered to the concerned party, but the party is yet to undertake authentication;

(c) ‘Expired’: If an updated submission for the same UDI is received while the default authentication process under way, then for the previously submitted debt, the status of authentication shall be recorded as ‘Expired’;

(d) ‘Authenticated’: When the concerned party verifies, agrees to the information presented and affixes his/her electronic signature to the information as presented; and

(e) ‘Disputed’: When the concerned party disagrees/disputes a part of or the entire information presented for authentication.

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