IBBI 'inadvertently' puts out Aadhaar info of creditors on site; removes later

The Insolvency and Bankruptcy Board of India IBBI inadvertently put out on its website Aadhaar and PAN details of creditors including workmen of some companies undergoing resolution process and the issues are expected to be sorted out in the next few daysA senior official said the details came into the public domain inadvertently as the regulator is working on a beta project to host the information of creditors of companies undergoing Corporate Insolvency Resolution Process CIRP and liquidationThe IBBI a key institution in implementing the Insolvency and Bankruptcy Code IBC is working on the project to ensure and enhance transparency with respect to CIRP and liquidation processes the official said adding that the matter will be sorted out in the next few daysThe details that were inadvertently put out have been removed the official addedIt could not be immediately ascertained as to such details of how many creditors were put outThere was no official comment from the IBBIUnder the IBBI regulations details about creditors including workmen of companies undergoing CIRP or liquidation should be disclosed on the websites of the companies corporate debtors concerned The details required include name of the creditor concerned amount claimed and amount admittedIn case of a CIRP these details have to be disclosed by the resolution professional concerned while in liquidation processes the respective liquidator would make these disclosuresSuch details have to be put out on the websites of the companies concernedWith instances where many small companies do not have or are unable to maintain their websites the IBBI is working on a project to host these details on its website for easy access of the creidtors The work started a few days backIn some cases the details about creditors including information such as their Aadhaar and PAN were submitted in the PDF format Since it is difficult to remove specific details from the PDF files Aadhaar and PAN information of many people were inadvertently made available on the IBBI website the official saidThose details that were inadvertently put out have now been removed the official addedThere have been instances of resolution professionals approaching the IBBI and the National Company Law Tribunal NCLT with respect to the regulations requiring public disclosure of details of creditorsIn an order passed in December 2018 the Allahabad bench of the NCLT had directed an Interim Resolution Professional IRP to publish the list of creditors on the corporate debtors website IRP is directed to publish the list of the creditors containing the names of the creditors along with the amount claimed by them the amount of their claims admitted and the security interest if any on the website of the corporate debtor the NCLT bench had saidThe order had come on a petition filed by the IRP seeking certain directions with respect to disclosure of names of creditors and amounts claimed by them with respect to the corporate debtor company undergoing CIRPSince the provisions of the CIRP came into force on December 1 2016 a total of 4376 CIRPs have commenced till the end of March this yearOut of the total 2653 have been closed including 348 CIRPs that ended in approval of resolution plans As many as 617 CIRPs were closed on appeal or review or settled while 411 were withdrawn and 1277 ended in orders for liquidationThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever