IBBI Proposes the Requirement for the Debtors to Upload Proof to the Information Utility to Deter Frivolous Disputes
- Blog|News|Insolvency and Bankruptcy Code|
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- By Chetan Kulasri
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- Last Updated on 14 May, 2024
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Discussion Paper, Dated: 10.05.2024
The IBC, 2016 envisages Information Utility (IU) as repositories of financial information about debtors for expeditious completion of various processes under the Code. Now, in order to ensure that a resolution process is swift and efficient, IBBI has released a Discussion Paper on ‘Strengthening the process of issuance of record of default by Information Utility’. It has been proposed that the debtors disputing default information must upload proof to the IU to deter frivolous disputes.
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