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Question

Q2. Which of the following statements define Information Utilities (under IBC)?



Correct Answer
A

(a) These are entities established to collect, collate and disseminate financial information to facilitate insolvency resolution.

Your Answer
B

(b) These are agencies which will conduct examination to certify the insolvency professionals

Your Answer
C

(c) These agencies will examine the functioning of Insolvency professionals and inform the insolvency and Bankruptcy Board.

Your Answer
D

(d) These entities will give details and information of about the restructuring mechanism of debt.


Solution

The correct option is B

(a) These are entities established to collect, collate and disseminate financial information to facilitate insolvency resolution.


Information utility is an information network which would store financial data like borrowings, default and security interests among others of firms. The utility would specialise in procuring, maintaining and providing/supplying financial information to businesses, financial institutions, adjudicating authority, insolvency professionals and other relevant stake holders

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