'Insolvency and Bankruptcy Code, 2016 cast upon certain obligations on Information Utilities' – Justify with your views.

Section 3(21) of the Insolvency and Bankruptcy Code, 2016 defines an "information utility" as a person who is registered with the Board as an information utility under section 210. Obligations of Information Utilities are created pursuant to Section 214 of the Insolvency and Bankruptcy Code, 2016. Accordingly, the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 have been framed. In short, Information Utility is a depository to create and store financial information through electronic means from financial or operational creditors on payment of prescribed fee. Section 215 made it obligatory for financial creditor and optional for operational creditor to submit the details to Information Utility. All prescribed precautions are taken before storing information that is accessible to anyone on payment of fee. Further it is obliged to publish statistical data as required by Regulations. There needs to be inter-operability with other information Utilities so that the person accessing the data make sure as to authenticity. Section 216 enables the person who has fed original data to approach with reasons the Information Utility to update or modify the information.