Sections 212 to 214 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
An information utility holds financial information in a form that can be used in insolvency processes. Section 212 lets the Insolvency and Bankruptcy Board of India (the Board) require each utility to set up a governing board. Section 213 says the utility provides the services that are specified, including core services. Section 214 lists the obligations a utility carries when it provides core services. This article follows the IBBI consolidated text of the Code amended up to 12 August 2021 and then shows what the Insolvency and Bankruptcy Code (Amendment) Act, 2026 changes in section 214.
Section 212: the Board may require every information utility to set up a governing board with a number of independent members fixed by regulations. Section 213: the utility provides specified services, including core services, to any person who complies with the specified terms and conditions. Section 214: for core services the utility has eight obligations (clauses (a) to (h)), from creating and storing information in a universally accessible format to having inter-operatability with other utilities. The 2026 Act adds the words "in such manner as may be specified" to clause (e).
Section 212: a governing board for each utility
"The Board may, for ensuring that an information utility takes into account the objectives sought to be achieved under this Code, require every information utility to set up a governing board, with such number of independent members, as may be specified by regulations."
Three points: the power is the Board's ("may ... require"); it applies to "every information utility"; and the number of independent members is left to regulations. The section prints no minimum. Section 240(2)(zzp) refers to "the number of independent members under section 212". Compare section 203, which gives a similar power for agencies (article 123).
Section 213: core services
"An information utility shall provide such services as may be specified including core services to any person if such person complies with the terms and conditions as may be specified by regulations."
- The services, and the meaning of "core services", are as specified; the Code does not list them in this section.
- The right to receive them is open to "any person", but conditional on that person complying with the specified terms and conditions.
- Section 240(2)(zzq) matches this: "the services to be provided by information utility and the terms and conditions under section 213".
If you are building a service on top of an information utility's data, or are unsure whether a person qualifies to receive core services, a legal consultation can help you read the specified conditions against this section.
Section 214: eight obligations
"For the purposes of providing core services to any person, every information utility shall" do the following:
| Clause | Obligation (as printed in the text amended up to 12 August 2021) |
|---|---|
| (a) | create and store financial information in a universally accessible format |
| (b) | accept electronic submissions of financial information from persons who are under obligations to submit financial information under sub-section (1) of section 215, in such form and manner as may be specified by regulations |
| (c) | accept, in specified form and manner, electronic submissions of financial information from persons who intend to submit such information |
| (d) | meet such minimum service quality standards as may be specified by regulations |
| (e) | get the information received from various persons authenticated by all concerned parties before storing such information |
| (f) | provide access to the financial information stored by it to any person who intends to access such information in such manner as may be specified by regulations |
| (g) | publish such statistical information as may be specified by regulations |
| (h) | have inter-operatability with other information utilities |
Reading them by function:
- Intake: clauses (b) and (c). Clause (b) covers persons who have an obligation to submit; clause (c) covers persons who intend to submit. Both are electronic submissions.
- Integrity: clause (e). Information must be authenticated by all concerned parties before it is stored. Section 215, explained in article 127, is where the 2026 Act adds a duty on the corporate debtor or debtor to authenticate.
- Access: clause (f) opens stored information to any person who intends to access it, in the specified manner.
- Standards and transparency: clauses (d) and (g).
- Connectivity: clause (h) requires inter-operatability with other information utilities. The text prints the word with this spelling.
Two printing points. Clause (g) ends with a full stop although clause (h) follows. And clause (b) refers to persons "under obligations to submit financial information under sub-section (1) of section 215", while sub-section (1) of section 215 speaks of a person who "intends to submit" and the obligation on a financial creditor sits in sub-section (2). The cross-reference is quoted as printed and not corrected.
Example (invented). A lender, Ridgeway Credit, sends details of a term loan to an information utility. Under clause (e) the utility must have the information authenticated by all concerned parties before it stores it. Later, a supplier with a right to access stored information asks for it. Clause (f) obliges the utility to provide access to a person who intends to access it, in the manner specified.
What the Amendment Act, 2026 changes
Section 61 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026) amends section 214: "in clause (e), after the words 'such information', the words 'in such manner as may be specified' shall be inserted."
| As printed in the consolidated text (clause (e)) | After the 2026 Act (built from the Act's words) |
|---|---|
| get the information received from various persons authenticated by all concerned parties before storing such information; | get the information received from various persons authenticated by all concerned parties before storing such information in such manner as may be specified; |
The matching change in the regulation-making power is in section 70 of the Amendment Act, which inserts a clause "(zzsa) the manner under clause (e) of section 214;" in section 240(2).
The Amendment Act, 2026 comes into force on the date or dates the Central Government notifies; the notification is not in the texts consulted, so check whether this change has been notified. The Act also adds a definition of "service provider" in section 3 that includes an information utility.
Rules and regulations
The set that implements these sections is the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017; the copy consulted is amended up to 02-06-2026. The date of that copy does not show that any provision of the Amendment Act, 2026 is in force.
Amendments and notifications made after 12 August 2021, other than the Amendment Act, 2026, are not in the texts consulted and should be checked.
Need help with information utility duties or records?
Lenders and suppliers who submit records, and entities that run or want to use an information utility, need to match their practice to these obligations. Our team can map it with you in a legal consultation, starting from the sections as printed.
Key takeaways
- The Board may require every information utility to set up a governing board; the number of independent members is left to regulations.
- A utility provides specified services, including core services, to any person who complies with the specified conditions.
- Section 214 has eight obligations: storage, two kinds of submission, quality standards, authentication, access, statistics and inter-operatability.
- The 2026 Act adds "in such manner as may be specified" to clause (e), the authentication obligation.
- The Amendment Act, 2026 comes into force by notification; check whether this change has been notified.
Read next
- Sections 209 to 211: registration of an information utility and appeal
- Sections 215 and 216: submission and authentication of financial information
- Sections 217 and 218: complaints against and investigation of service providers
- Information utility registration under sections 209 to 216
Disclaimer: Based on the IBBI consolidated text of the Insolvency and Bankruptcy Code, 2016 amended up to 12 August 2021 and on the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which comes into force on the date or dates notified by the Central Government, as consulted on 2 October 2026. It explains the words of the statute only; commencement notifications, other amendments made after 12 August 2021, notified thresholds, the rules and IBBI regulations, and the way tribunals and courts apply these sections should be checked. This article is general information, not legal advice; check the official text before acting.