Statutory Repositories under Regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2019 reads as under: –
“21. Information of default
(1) An information utility shall expeditiously undertake the process of authentication and verification of information of default as soon as it is received.
(2) For the purpose of sub-regulation (1), the information utility shall-
(a) deliver the information of default to the debtor seeking confirmation of the same within the time specified in the Technical Standards;
(b) remind the debtor at least three times for confirmation of information of default, in case the debtor does not respond, allow three days each time for the debtor to respond;
(c) deliver the information of default or the reminder, as the case may be, to the debtor either by hand, post or electronic means at the postal or e-mail address of the debtor-
(i) registered with the information utility by him, failing which,
(ii) recorded with any other statutory repository as approved by the Board, failing which,
(iii)submitted in Form C of the Schedule
For the purposes of regulation 21(2)(c)(ii) of the said Regulations, the Board hereby approves MCA 21 database of the Ministry of Corporate Affairs and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories.
This Circular is issued in exercise of the powers vested under Section 196 of the Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Board of India
[Circular dt. 07-09-2019]