Data archives' minimum net worth must be Rs 50 crore

The insolvency regulator has laid down the condition that an information utility (IU) must have a minimum net worth of Rs 50 crore and cannot have more than 49 per cent as foreign direct investment (FDI).

An IU keeps all records — such as the assets and liabilities — of a company going insolvent.

The Insolvency and Bankruptcy Board of India has come up with the final rules for setting up IUs.

The net worth threshold is slightly lower than the one recommended by a working group at the draft stage. The group had recommended a threshold of Rs 60 crore. However, it