Section 215 IBC 2016: Submission and Authentication of Financial Information to Information Utilities

Section 215 of the Insolvency and Bankruptcy Code, 2016 regulates the submission of financial information to an information utility and, following the 2026 amendment, expressly governs authentication of that information.

Current legal position: The Insolvency and Bankruptcy Code (Amendment) Act, 2026 changed the marginal heading of Section 215, made submission of financial information mandatory for an operational creditor before filing an application under Section 9, and inserted sub-section (4) dealing with authentication and deemed authentication.

Text and effect of Section 215

Section 215(1): A person intending to submit financial information to, or access financial information from, an information utility is required to pay the prescribed fee and submit or access the information in the form and manner specified by regulations.

Section 215(2): A financial creditor is required to submit financial information, including information concerning assets over which a security interest has been created, in the form and manner specified by regulations.

Section 215(3): Following the 2026 amendment, an operational creditor must, before filing an application under Section 9 of the Code, submit financial information to the information utility in the form and manner specified.

Section 215(4): The corporate debtor or debtor in respect of whom information is submitted under Section 215 must authenticate it in the manner and within the period specified. If the corporate debtor or debtor does not respond in the specified manner and period, the information is deemed to be authenticated.

Meaning of important terms

Financial information

Section 3(13) of the Code defines "financial information", in relation to a person, broadly to include records of debt, liabilities when solvent, assets over which security interest has been created, instances of default, balance sheet and cash-flow statements, and such other information as may be specified.

Information utility

An "information utility" is a person registered with the Insolvency and Bankruptcy Board of India under Section 210 of the Code. Information utilities provide core services relating to the receipt, authentication, storage and provision of financial information in accordance with the Code and the applicable regulations.

Financial creditor and operational creditor

A "financial creditor" is defined in Section 5(7) as a person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred. An "operational creditor" is defined in Section 5(20) as a person to whom an operational debt is owed and includes a person to whom such debt has been legally assigned or transferred.

2026 amendment to Section 215

The Insolvency and Bankruptcy Code (Amendment) Act, 2026 amended Section 215 as part of changes intended to strengthen the reliability and evidentiary value of records maintained by information utilities. The amended provision now expressly links an operational creditor's submission of financial information with the stage before an application under Section 9 and creates a statutory authentication mechanism for information submitted in respect of a corporate debtor or debtor.

The marginal heading now refers to both submission and authentication of financial information.
An operational creditor is no longer merely permitted to submit financial information; submission is mandatory before filing an application under Section 9.
The corporate debtor or debtor has a statutory obligation to authenticate information in the prescribed manner and period.
Failure to respond within the prescribed framework results in deemed authentication.

Applicable IBBI Information Utilities Regulations

The detailed procedure is governed by the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, as amended. These regulations prescribe the operational framework for submission, authentication, verification, storage and access to financial information. IBBI notified further amendments in June 2026 following the Insolvency and Bankruptcy Code (Amendment) Act, 2026.

Practical significance of Section 215

Section 215 creates a structured statutory channel for financial information used in insolvency proceedings. It places affirmative submission duties on financial creditors and, after the 2026 amendment, on operational creditors before a Section 9 application. The authentication mechanism is designed to improve the reliability of information utility records and reduce disputes concerning debt and default, subject to the Code, the regulations and the facts of each case.

Related provisions

Section 214 sets out obligations of an information utility while providing core services. Section 216 deals with the rights and obligations of persons submitting financial information, including applications to update, modify or rectify errors in information already submitted. Sections 7 and 9 govern applications by financial creditors and operational creditors respectively for initiation of corporate insolvency resolution process, subject to the requirements of the Code and applicable rules and regulations.

Updated: 30 September 2026. This page is a legal information resource and should be read with the current text of the Code, applicable notifications and IBBI regulations.