The Insolvency and Bankruptcy Board of India (IBBI) has changed the way defaults are authenticated and recorded under the insolvency and bankruptcy code (IBC). A notification by the board has outlined a framework under which if a debtor disputes a default, the Information Utility (IU) will put it in a separate category called “Information of Dispute”. In cases where a debtor confirms a default, an authenticated “Record of Default” will be issued. This is a crucial step because the dispute handling is a fairly ambiguous process under the IBC, and the latest amendment resolves this by ensuring that there’s a transparent and formal process to record and communicate disputes. This also impacts the initiation of insolvency proceedings.