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 | Authenticated Record of Default information of default, or (b) Debtor does not respond even after three reminders “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. Response of the Debtor Status of | Colour of the No. | Authentication | Status (1) (2) (3) (4) 1 Debtor confirms the | Authenticated Green information of default 2 Debtor disputes the | Disputed Red information of default Debtor does not respond Deemed to be | Yellow 3 | even after three reminders | Authenticated 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- Response of the debtor Status of Colour of the 2SI. No. | authentication | status (1) (2) (3) (4) 1 (a) Debtor confirms the information of | Authenticated Green default, or (b) Debtor does not respond even after three reminders 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 | Disputed Information of information of default | 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[21A. Verification of information before issuance of 40[a record of default or information of dispute]. (1) An information utility shall verify the key details such as e-mail address of the debtor, document showing proof of debt, latest acknowledgment of debt by the debtor and proof of default before issuance of record of default in 41[such format as notified by the Board through circular] under regulation 21.] 42[(2) In case a debtor disputes a part of default amount or entire default amount, such debtor shall provide the reasons for such dispute and upload the evidence for the same. (3) In case of financial creditors which are 43[financial institutions as defined in clause (14) of section 3 of the Code], an information utility shall issue 44[information of dispute] for the
37 Omitted by Notification No IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “of the relevant colour, as indicated in column (4) of the Tables 1 or 2, as the case may be,”
38 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: “a record of default in Form D of the Schedule”.
40 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: - “a record of default”.
41 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 D of the Schedule”.
43 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: - “banks included in the second schedule of the Reserve Bank of India Act, 1934”.
44 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: - default amount for which evidence of dispute has been received and verified, and issue a record of default with the status of authentication as ‘authenticated’ in respect of the balance default amount.] 45 46[ 21[ B.] Dissemination of public announcement. An information utility shall disseminate every public announcement it receives or has access to, on the date of its receipt or access, as the case may be, to its registered users, who are creditors of the corporate debtor undergoing insolvency proceeding under the Code.]
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 | Authenticated Record of Default information of default, or (b) Debtor does not respond even after three reminders “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. Response of the Debtor Status of | Colour of the No. | Authentication | Status (1) (2) (3) (4) 1 Debtor confirms the | Authenticated Green information of default 2 Debtor disputes the | Disputed Red information of default Debtor does not respond Deemed to be | Yellow 3 | even after three reminders | Authenticated 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- Response of the debtor Status of Colour of the 2SI. No. | authentication | status (1) (2) (3) (4) 1 (a) Debtor confirms the information of | Authenticated Green default, or (b) Debtor does not respond even after three reminders 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 | Disputed Information of information of default | 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[21A. Verification of information before issuance of 40[a record of default or information of dispute]. (1) An information utility shall verify the key details such as e-mail address of the debtor, document showing proof of debt, latest acknowledgment of debt by the debtor and proof of default before issuance of record of default in 41[such format as notified by the Board through circular] under regulation 21.] 42[(2) In case a debtor disputes a part of default amount or entire default amount, such debtor shall provide the reasons for such dispute and upload the evidence for the same. (3) In case of financial creditors which are 43[financial institutions as defined in clause (14) of section 3 of the Code], an information utility shall issue 44[information of dispute] for the
37 Omitted by Notification No IBBI/2026-27/GN/REG146, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under:- “of the relevant colour, as indicated in column (4) of the Tables 1 or 2, as the case may be,”
38 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: “a record of default in Form D of the Schedule”.
40 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: - “a record of default”.
41 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 D of the Schedule”.
43 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: - “banks included in the second schedule of the Reserve Bank of India Act, 1934”.
44 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: - default amount for which evidence of dispute has been received and verified, and issue a record of default with the status of authentication as ‘authenticated’ in respect of the balance default amount.] 45 46[ 21[ B.] Dissemination of public announcement. An information utility shall disseminate every public announcement it receives or has access to, on the date of its receipt or access, as the case may be, to its registered users, who are creditors of the corporate debtor undergoing insolvency proceeding under the Code.]
