Enhanced Verification Norms for Information Utilities Under Insolvency Law

The Insolvency and Bankruptcy Board of India (IBBI) has updated guidelines for information utilities to improve identity verification and data integrity. These changes streamline user authentication and enhance the filing process for financial default records, thereby strengthening the insolvency resolution framework.

In a move aimed at fortifying the insolvency framework, the Insolvency and Bankruptcy Board of India (IBBI) has tightened the regulations surrounding information utilities. These utilities function as databases of financial records vital to insolvency proceedings.

The updated guidelines introduce stringent user authentication measures, leveraging demographic data from the UIDAI, while also requiring the use of PAN or other valid documents for identity verification. Submitters can now file supporting documents separately, provided they meet digital security standards.

These enhancements ensure a more robust verification and filing process, significantly reducing disputes and fostering trust within the insolvency framework. Compliance with these norms is expected to enhance overall data integrity and efficiency.

(With inputs from agencies.)