Liquidation process: IBBI modifies the filing format of the list of stakeholders


The insolvency regulator IBBI has changed the format for filing the list of stakeholders in a liquidation process. With the new format, liquidators do not need to provide the personal information of stakeholders such as PAN, Aadhaar number and other details with the electronic platform of the Insolvency and Bankruptcy Board of India (IBBI ).

It may be recalled that the current regulations of the liquidation process require that a liquidator deposit the list of stakeholders on the IBBI electronic platform for dissemination on its website.

IBBI has, now in a circular, said that it has learned that in a few cases details such as Aadhaar, PAN Card are filled in and that such information being sensitive personal information is subject to misuse and not to be revealed in public. platforms.

The IBBI also pointed out that guidelines from the Ministry of Electronics and Information Technology state that all personally identifiable data, including Aadhaar, should not be released into the public domain.

To address this issue, the IBBI changed the format and removed the “identification number” column which encouraged liquidators to submit personal details of stakeholders.

Insolvency professionals are now mandated to file the list of stakeholders of the company in liquidation in the revised format within three days of the preparation of the list.

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