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IBBI Beta Project: Aadhar and PAN details of creditors revealed on the website

The Insolvency and Bankruptcy Board of India (IBBI) accidentally displays the Aadhar and PAN details of the creditors on their website. The creditor's information also contained info about the workmen of some companies which are undergoing the resolution process. The technical glitch happened because of the ongoing work of the beta project undertaken by the authority. The beta project is specially designed to host the information of the creditors of companies that are undergoing CIRP and liquidation. Moreover, the project is aiming to improve and secure transparency during the CIRP and liquidation processes.

Also, according to the IBBI regulations, details of creditors is to be disclosed on the website of the companies concerned. The details basically include, name, amount claimed and amount admitted.

While in CIRP this is done by the Resolution Professional, in the liquidation process the liquidator makes the disclosure. However, still many small companies are unable to do this because of poor website maintenance so the IBBI is working on this particular beta project. In order to display this information on their website. However, owing to the PDF format of information submitted certain confidential info like PAN and Aadhar numbers were displayed on the website. The board is working towards resolving the issue on an earlier date.

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