NeSL to be the first Information Utility under the new recovery law

National e-Governance Services Ltd (NeSL) has received final registration to become first information utility (IU). State Bank of India, Life Insurance Corporation of India, Canara Bank, Bank of Baroda, HDFC, ICICI Bank, Axis Bank have set up NeSL. S Ramann, former executive director of SEBI is appointed as MD of NeSL.

Information Utility under the Insolvency and Bankruptcy Code, is expected to provide level playing field in the financial contracts by storing facts of borrowing, default and security interest with safeguards like authenticating the terms of contract, digital storage of details by IU in a central server with information security policies wrapped around, and providing effective retrieval facilities for insolvency professionals, DRT and NCLT to proceed with their roles in time bound manner.

Suvan Law Advisors along with SNG & Partners are the law firms who are advising NeSL on this landmark phase of IBC.