Companies

Liquidation process: IBBI tweaks stakeholders’ list filing format

K.R.Srivats New Delhi | Updated on November 25, 2021

Liquidators need not publish personal information on IBBI’s electronic platform

Insolvency regulator IBBI has altered the format of filing of stakeholders’ list in a liquidation process. With the changed format, liquidators need not furnish stakeholders’ personal information such as PAN, Aadhaar number and other details with the electronic platform of the Insolvency and Bankruptcy Board of India (IBBI).

It maybe recalled that the current Liquidation process regulations require a liquidator to file list of stakeholders on the electronic platform of the IBBI for dissemination on its website.

IBBI has, now in a circular, said that it has come to its notice that in few instances, the details such as Aadhaar, PAN Card are being filled and such information being sensitive personal information is prone to misuse and not to be revealed on public platforms.

IBBI has also highlighted that guidelines of the Ministry of Electronics and Information Technology provides that any personal identifiable data including Aadhaar should not be published in public domain.

To address this problem, IBBI has altered the format and removed the column “identification no” that prompted liquidators to submit personal details of the stakeholders.

Insolvency professionals have now been mandated to file the list of stakeholders of the corporate under liquidation in the revised format within three days of the preparation of the list.

Published on November 25, 2021

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