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Curtain Raiser of Ist Information Utility Service of NeSL under IBC 2016 held

 


Mumbai: November 14,2017

Insolvency and bankruptcy Board of India has establish, “National E-Governance Service Limited”. It is a first information utility Service Company establish under the Insolvency and Bankruptcy code 2016, in New Delhi. IBBI was held a curtain raiser program in Mumbai Yesterday on 13th November.

Speaking on the occasion, Mr. M. S. Sahoo, Chairman, IBBI said, the NeSL has been set up by leading banks and public institutions. The primary role of NeSL is to serve as a repository of legal evidence holding the information pertaining to any debt, as submitted by the financial or operational creditor and verified and authenticated by the other parties to the debt. NeSLs role is time bound resolution by providing verified information to adjudicate authorities which do not require further authentication.

Explaining about the objective of Insolvency and Bankruptcy Code 2016, he said, ‘there is a need to accept, store, and make readily available authenticate financial information submitted by the creditors, that helps establish defaults and verify claims under the Insolvency and Bankruptcy Code2016, expeditiously and thereby facilitate completion of the insolvency resolution transactions under IBC in a time bound Manner”.

Mr. Sahoo further said that, IBC sets the objectives for key economic reform of addressing insolvency and to improve the ease of doing business. It will benefit for low time to resolution, low loss during recovery, higher levels of debt financing across more debt instruments and consolidate and amend the laws relating to restructuring and insolvency resolution of corporate, partnership firms and individuals.

Shri Ajay Tyagi, Chairman, SEBI, Shri Deepak Parekh, Chairman HDFC and all senior officers from leading banking and financial institutions were present.

Praising the needs of information utility, Mr. Deepak Parekh, Chairman, HDFC said that, NeSL, a service provider has challenges ahead, because while providing stored, authentic financial information, more confidentiality and authenticity are needed to maintain.

Shri Ajay Tyagi, Chairman, SEBI said, maintenance of secrecy and security of financial data is a hard task which NeSL has taken as an information utility provision in the insolvency and bankruptcy cases in India. The setup of 1stInformation Utility in India is a good sign to solve legal issues in a time bound (only 14 day period) manner.


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