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Regulation 20. Acceptance and receipt of information
(1) An information utility shall accept information submitted by a user in 25 [such format as notified by the Board through circular]. 26 [(1A) Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.] (2) On receipt of the information submitted under sub-regulation (1) 27 [or sub- regulation (1A), as the case may be], the information utility shall- (a) assign a unique identifier to the information, including records of debt; (b) acknowledge its receipt, and notify the user of- (i) the unique identifier of the information; (ii) the terms and conditions of authentication and verification of information; and (iii) the manner in which the information may be accessed by other parties. 25 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Form C of the Schedule”. 26 Inserted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). 27 Inserted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022).
21. 28 [ 29 [Authentication 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 30 [seven days]; (b) remind the debtor at least three times for confirmation of information of default, in case the debtor does not respond, allow 31 [seven 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) 32 [recorded with MCA 21 and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories or any other statutory repository as approved by the Board, failing which,] 33 [(iii) submitted in 34 [such format as notified by the Board through circular]: 35 [(A) by a financial creditor, which is a financial institution as defined in clause (14) of section 3 of the Code; ] 28 Substituted by Notification No. IBBI/2019-20/GN/REG046 dated 25th July, 2019 (w.e.f. 25-01-2019). Prior to substitution it stood as under: “17. Information of default. (1) On receipt of information of default, an information utility shall expeditiously undertake the processes of authentication and verification of the information. (2) On completion of the processes of authentication and verification under sub-regulation (1), the information utility shall communicate the information of default, and the status of authentication to registered users who are- (a) creditors of the debtor who has defaulted; (b) parties and sureties, if any, to the debt in respect of which the information of default has been received.” 29 Substituted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). Prior to substitution it stood as under: “Information of default”. 30 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-10-2024). Prior to substitution it stood as under: “the time specified in the Technical Standards”. 31 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-10-2024). Prior to substitution it stood as under: “three days”. 32 Substituted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). Prior to substitution it stood as under: “(ii) recorded with any other statutory repository as approved by the Board, failing which” 33 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-12-2024). Prior to substitution it stood as under: “(iii) submitted in Form C of the Schedule”. 34 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Form C of the Schedule”. 35 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:-
(B) by any other creditor, in respect of a debtor other than the corporate debtor as defined in section 3(8) of the Code.] 36 [ (3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the table below: TABLE SI. No. Response of the Debtor Status Nature of Record to be issued (1) (2) (3) (4) 1 (a) Debtor confirms the information of default, or (b) Debtor does not respond even after three reminders Authenticated Record of Default “A) by a financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934;”. 36 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “[(3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the following Tables: TABLE-1 SI. No. Response of the Debtor Status of Authentication Colour of the Status (1) (2) (3) (4) 1 Debtor confirms the information of default Authenticated Green 2 Debtor disputes the information of default Disputed Red 3 Debtor does not respond even after three reminders Deemed to be Authenticated Yellow Provided that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, the information utilities will record the status of authentication of information of default as indicated in the Table 2 below: TABLE- 2SI. No. Response of the debtor Status of authentication Colour of the status (1) (2) (3) (4) 1 (a) Debtor confirms the information of default, or (b) Debtor does not respond even after three reminders Authenticated Green 2 Debtor disputes the information of default Disputed Red 36 [Provided further that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.]”
2 Debtor disputes the information of default Disputed Information of Dispute Provided that in case of financial institution as defined in clause (14) of section 3 of the Code, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.] (4) After recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form 37 [***] by issuing 38 [a record of default or information of dispute in such format as notified by the Board through circular, as indicated in column (4) of the Table, above,] to the registered users who are- (a) creditors of the debtor who has defaulted in payment of a debt; (b) parties and sureties, if any, to the debt in respect of which the information of default has been received.] 39
(1) An information utility shall accept information submitted by a user in 25 [such format as notified by the Board through circular]. 26 [(1A) Before filing an application to initiate corporate insolvency resolution process under section 7 or 9, as the case may be, the creditor shall file the information of default, with the information utility and the information utility shall process the information for the purpose of issuing record of default in accordance with regulation 21.] (2) On receipt of the information submitted under sub-regulation (1) 27 [or sub- regulation (1A), as the case may be], the information utility shall- (a) assign a unique identifier to the information, including records of debt; (b) acknowledge its receipt, and notify the user of- (i) the unique identifier of the information; (ii) the terms and conditions of authentication and verification of information; and (iii) the manner in which the information may be accessed by other parties. 25 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Form C of the Schedule”. 26 Inserted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). 27 Inserted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022).
21. 28 [ 29 [Authentication 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 30 [seven days]; (b) remind the debtor at least three times for confirmation of information of default, in case the debtor does not respond, allow 31 [seven 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) 32 [recorded with MCA 21 and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories or any other statutory repository as approved by the Board, failing which,] 33 [(iii) submitted in 34 [such format as notified by the Board through circular]: 35 [(A) by a financial creditor, which is a financial institution as defined in clause (14) of section 3 of the Code; ] 28 Substituted by Notification No. IBBI/2019-20/GN/REG046 dated 25th July, 2019 (w.e.f. 25-01-2019). Prior to substitution it stood as under: “17. Information of default. (1) On receipt of information of default, an information utility shall expeditiously undertake the processes of authentication and verification of the information. (2) On completion of the processes of authentication and verification under sub-regulation (1), the information utility shall communicate the information of default, and the status of authentication to registered users who are- (a) creditors of the debtor who has defaulted; (b) parties and sureties, if any, to the debt in respect of which the information of default has been received.” 29 Substituted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). Prior to substitution it stood as under: “Information of default”. 30 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-10-2024). Prior to substitution it stood as under: “the time specified in the Technical Standards”. 31 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-10-2024). Prior to substitution it stood as under: “three days”. 32 Substituted by Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022 (w.e.f. 14-06-2022). Prior to substitution it stood as under: “(ii) recorded with any other statutory repository as approved by the Board, failing which” 33 Substituted by Notification No. IBBI/2024-25/GN/REG114, dated 13th August, 2024 (w.e.f. 01-12-2024). Prior to substitution it stood as under: “(iii) submitted in Form C of the Schedule”. 34 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “Form C of the Schedule”. 35 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under:-
(B) by any other creditor, in respect of a debtor other than the corporate debtor as defined in section 3(8) of the Code.] 36 [ (3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the table below: TABLE SI. No. Response of the Debtor Status Nature of Record to be issued (1) (2) (3) (4) 1 (a) Debtor confirms the information of default, or (b) Debtor does not respond even after three reminders Authenticated Record of Default “A) by a financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934;”. 36 Substituted by Notification No. IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: - “[(3) On completion of the process under sub-regulation (2), the information utility shall record the status of authentication of information of default as indicated in the following Tables: TABLE-1 SI. No. Response of the Debtor Status of Authentication Colour of the Status (1) (2) (3) (4) 1 Debtor confirms the information of default Authenticated Green 2 Debtor disputes the information of default Disputed Red 3 Debtor does not respond even after three reminders Deemed to be Authenticated Yellow Provided that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, the information utilities will record the status of authentication of information of default as indicated in the Table 2 below: TABLE- 2SI. No. Response of the debtor Status of authentication Colour of the status (1) (2) (3) (4) 1 (a) Debtor confirms the information of default, or (b) Debtor does not respond even after three reminders Authenticated Green 2 Debtor disputes the information of default Disputed Red 36 [Provided further that in case of financial creditors which are banks included in the second schedule of the Reserve Bank of India Act, 1934, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.]”
2 Debtor disputes the information of default Disputed Information of Dispute Provided that in case of financial institution as defined in clause (14) of section 3 of the Code, when a debtor disputes a part of the default amount or such dispute is in respect of only non-financial information, then the information utility shall record the status of authentication as ‘authenticated’ in respect of the undisputed default amount.] (4) After recording the status of information of default under sub-regulation (3), the information utility shall communicate the status of authentication in physical or electronic form 37 [***] by issuing 38 [a record of default or information of dispute in such format as notified by the Board through circular, as indicated in column (4) of the Table, above,] to the registered users who are- (a) creditors of the debtor who has defaulted in payment of a debt; (b) parties and sureties, if any, to the debt in respect of which the information of default has been received.] 39
CHAPTER V CORE SERVICES