REGULATORY UPDATE: MINISTRY OF FINANCE-SUBMISSION OF FINANCIAL INFORMATION TO INFORMATION UTILITIES UNDER IBC.

In terms of Insolvency and Bankruptcy Code, 2016, a financial creditor have to submit financial information and information relating to assets in relation to which any security interest has been created, to an information utility (IU) in the manner as prescribed under the Code. The Insolvency and Bankruptcy Board of India (IBBI) has registered National E-Governance Services Limited (NeSL) as the first IU under the Code on 25 September 2017. In this regard, all financial creditors regulated by RBI have been advised to adhere to the relevant provisions of the Code and immediately to follow the appropriate procedures to ensure compliance to the provisions of the Code. Source: https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11189&Mode=0

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