While the Insolvency professionals assist in the insolvency resolution proceedings envisaged in the IBC, the Information Utility, on the other hand, collect, collate, authenticate and disseminate financial information. E

Section 3(21) of the Insolvency & Bankruptcy Code defines an "information utility" as a person who is registered with the Board as an information utility under section 210. While the Insolvency professionals assist in the insolvency resolution proceedings envisaged in the Code, the Information Utility, on the other hand, collect, collate, authenticate and disseminate financial information. The purpose of such collection, collation, authentication and dissemination financial information of debtors is to facilitation swift decision making in the resolution proceedings. The Insolvency and Bankruptcy Board of India has framed the IBBI (Information Utilities) Regulations, 2017. Obligations of information utility (Section 214) For the purposes of providing core services to any person, every information utility shall- - create and store financial information in a universally accessible format; accept electronic submissions of financial information from persons who are under obligations to submit financial information under sub-section (1) of section 215, in such form and manner as may be specified by regulations; accept, in specified form and manner, electronic submissions of financial information from persons who intend to submit such information; meet such minimum service quality standards as may be specified by regulations; get the information received from various persons authenticated by all concerned parties before storing such information; provide access to the financial information stored by it to any person who intends to access such information in such manner as may be specified by regulations; publish such statistical information as may be specified by regulations; have inter-operatability with other information utilities.