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

Sep 21, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe Insolvency and Bankruptcy Board of India (IBBI) on September 20, 2022 has issued Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2022 to further amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. This shall come into effect on October 01, 2022.

The following has been stated namely: -

• The non-refundable fee for application for registration or renewal thereof under regulation 4 has now been increased to 10 Lakh from 5 Lakh.

• The information utility now has to pay 1 Crore instead of 50 Lakh to the Board within fifteen days of receipt of intimation of registration or renewal from the Board to fulfil the conditions of registration under Regulation 6(2)

• Clause (e) of Regulation 6(2) has been substituted namely: -

“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 30th April every year.”

 

[Notification No. IBBI/2022-23/GN/REG/098]

 


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