Insolvency and Bankruptcy Code, 2016 | Part IV

Section 215: Procedure for Submission of Financial Information to Information Utilities

Section 215 of the Insolvency and Bankruptcy Code, 2016 (IBC) regulates how persons submit financial information to an information utility and obtain access to that information. It makes submission mandatory for financial creditors, while operational creditors are permitted to submit information.

Key distinction: Section 215(2) uses the word "shall" for financial creditors; Section 215(3) uses "may" for operational creditors. Submission, access and applicable charges are subject to IBBI regulations.

Text of Section 215

215. Procedure for submission, etc., of financial information.

(1) Any person who intends to submit financial information to the information utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations.

(2) A financial creditor shall submit financial information and information relating to assets in relation to which any security interest has been created, in such form and manner as may be specified by regulations.

(3) An operational creditor may submit financial information to the information utility in such form and manner as may be specified.

Meaning and scope of Section 215

Section 215(1): Submission, access and fees

Persons seeking to submit financial information or access information held by an information utility must follow the applicable regulatory procedures and fee requirements. Access is not unrestricted: authentication, authorisation, confidentiality and applicable information utility rules remain relevant.

Section 215(2): Mandatory submission by financial creditors

A financial creditor must submit financial information and information about assets over which security interests have been created. This supports a verifiable record of debt, security and related financial transactions. The required form, manner and operational details are prescribed through the IBBI regulatory framework.

Section 215(3): Optional submission by operational creditors

An operational creditor may submit financial information to an information utility in the prescribed manner. The permissive language in this subsection differs from the mandatory obligation imposed on financial creditors under subsection (2).

Important legal definitions

Information utility (Section 3(21)): A person registered with the Insolvency and Bankruptcy Board of India as an information utility under Section 210.
Financial information (Section 3(13)): Includes records of debt, liabilities when solvent and insolvent, security interests, instances of default, balance sheet and cash-flow records, and other specified information.
Financial creditor (Section 5(7)): A person to whom a financial debt is owed, including a person to whom it has been legally assigned or transferred.
Operational creditor (Section 5(20)): A person to whom an operational debt is owed, including a lawful assignee or transferee.
Security interest (Section 3(31)): A right, title, interest or claim to property created in favour of or provided for a secured creditor by a transaction securing payment or performance of an obligation, subject to statutory exclusions.

How financial information is submitted

Identify the creditor and transaction: Establish the relevant debt, borrower, creditor and any associated security interest.
Prepare records: Assemble accurate debt and security particulars and supporting documents in the applicable prescribed format.
Submit electronically: Use a registered information utility and comply with its applicable submission procedures and regulatory requirements.
Authentication: The information utility processes and seeks authentication of information in accordance with Section 214 and the IBBI Information Utilities Regulations.
Maintain accurate records: Address corrections, updates and disputed information using applicable procedures, including Section 216.

Submission of a record does not, by itself, establish that the debtor has authenticated every detail or that a default has been judicially determined. The status and evidentiary use of information depend on the applicable law and facts.

Section 3(9): Defines the core services provided by an information utility.
Section 213: Requires information utilities to provide specified services, including core services, subject to regulatory terms.
Section 214: Sets out duties of information utilities, including receipt, authentication, storage and access to information.
Section 216: Deals with updating, modifying or rectifying submitted information and restrictions on onward disclosure.
IBBI (Information Utilities) Regulations, 2017: Govern information utility operations, submission and authentication procedures, and related service requirements, as amended from time to time.

Official legal sources

For the current detailed filing formats, fees, authentication procedures and technical standards, consult the latest consolidated Information Utilities Regulations and IBBI circulars. The IBBI legal framework lists a version amended up to June 2, 2026.

Conclusion

Section 215 establishes a structured system for submitting and accessing financial information through regulated information utilities. Financial creditors have a statutory submission duty; operational creditors have the option to submit information. The practical process is governed by the IBC together with the latest applicable IBBI regulations and directions.

Read the Insolvency and Bankruptcy Code, 2016

Legal information updated: October 23, 2026. This article is for general information and is not a substitute for advice on specific facts.