IBBI (Information Utilities) (Second Amendment) Regulations, 2022

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 20^th September, 2022

Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2022.

No. IBBI/2022-23/GN/REG/098.- In exercise of the powers conferred by sections 196, 210 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely:-

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2022.

(2) They shall come into force with effect from 1^st October 2022.

2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, (hereinafter referred to as ‘the principal regulations’), in regulation 4, in sub-regulation (1) and sub regulation (2), for the words “five lakh”, the words “ten lakh” shall be substituted.

3. In the principal regulations, in regulation 6, in sub-regulation (2),

(a) in clause (d), for the words “fifty lakh”, the words “one crore” shall be substituted.

(b) for clause (e), the following shall be substituted, namely:-

“(e) pay to the Board, a fee calculated at the rate of ten per cent. of the turnover from the services as an information utility rendered in the preceding financial year, on or before 30^th April every year:

Provided that without prejudice to any other action which the Board may take as it deems fit, any delay in payment of fee by an information utility shall attract simple interest at the rate of twelve percent per annum.

Illustration

Where an information utility generates turnover amounting to Rs. 75 crore in the financial year 2022-23, it is liable to pay fee of Rs. 7.50 crore to the Board on or before 30^th April 2023.”

RAVI MITAL, Chairperson

[ADVT.-             ]

Note: The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published vide notification No. IBBI/2016-17/GN/REG009 dated 31^st March, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 129 on 31^st March, 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022 published vide notification No. IBBI/2022-23/GN/REG085, dated the 14^th June, 2022 in the Gazette of India, Extraordinary, Part III, Section 4, No. 303 on 14^th June, 2022.

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