Section 214 of IBC – Insolvency and Bankruptcy Code, 2016 : Obligations of information utility

The Insolvency and Bankruptcy Code, 2016

Part-IV Regulation of Insolvency Professionals, Agencies and Information Utilities

Chapter-V Information Utilities

Section 214: Obligations of information utility.

*214. For the purposes of providing core services to any person, every information utility shall-—

(a) create and store financial information in a universally accessible format;

(b) accept electronic submissions of financial information from persons who are under obligations to submit financial information under sub-section (1) of section 215, in such form and manner as may be specified by regulations;

(c) accept, in specified form and manner, electronic submissions of financial information from persons who intend to submit such information;

(d) meet such minimum service quality standards as may be specified by regulations;

(e) get the information received from various persons authenticated by all concerned parties before storing such information;

(f) provide access to the financial information stored by it to any person who intends to access such information in such manner as may be specified by regulations;

(g) publish such statistical information as may be specified by regulations;

(h) have inter-operatability with other information utilities.


Reference

*Effective from 01.04.2017.


Access complete Bare Act here and Notification and Circular here.

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