IBBI defines the role of Information utility on receipt applications for initiating insolvency
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- By Chetan Kulasri
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- Last Updated on 17 June, 2022
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CIRCULAR No. IBBI/IU/51/2022, Dated- 15.06.2022
The IBBI has decided that Information utility on receipt of Plea u/r 4,6,7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, for initiating insolvency shall: (a) inform other creditors of the Corporate Debtor by sharing the application; (b) issue notice to the applicant, requiring it to file ‘information of default’ in the specified; and (c) process the ‘information of default’ for the purpose of issuing ROD as per the IU Regulations. This Circular shall come into force with immediate effect.
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