Information Utilities are Game changers
Volume III, Issue III, 2020
Information Utility is a platform that stores the financial information of various firms and companies. One of the foremost objectives of the Insolvency and Bankruptcy Code, 2016(hereinafter referred to as IBC) is resolve in a fixed time period. Information Utility (hereinafter referred to as ‘IU’) is the tool that has made this objective of the Code more viable. Furthermore, it provides authentic and undisputed financial information of the relevant stakeholders of the Code that helps the bank or other lenders in taking rationale decisions of their credit transactions. Notably, the information provided by the Information Utilities act as evidence before the Adjudicating Authority. “IU” is also believed to act as a barrier to bestow established facts about the assets, credit transactions, claimants and contracts in force. The intent of this paper is to examine the purpose and role of the Information utilities and also how it is a game changer in the IRP. As it is serving the Code to accomplish its object of time bound resolution.
Index Terms: Stakeholders, Information utilities, Insolvency Resolution Process etc.