Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 215: Procedure for submission, etc., of financial information.
    (1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations.
     (2) A financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, in such form and manner as may be specified by regulations.
     (3) An operational creditor may submit financial information to the information utility in such form and manner as may be specified.
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