Suvan, SNG assist on setting up first Information Utility under IBC – NeSL

In a first, National e-Governance Services Ltd. (NeSL), a Union Government company, has received an in-principle approval for establishing Information Utility (IU) in India..NeSL is owned and promoted by leading public institutions like SBI, LIC, Canara Bank, Bank of Baroda, ICICI Bank, CDSL, HDFC, Axis Bank, Union Bank of India, NABARD etc..Under Insolvency and Bankruptcy Code, 2016 (IBC), the regulator Insolvency and Bankruptcy Board of India (IBBI) registers and regulates Information Utilities, who receive and store financial information in a universally accessible format duly authenticated by borrowers or creditors..After the Ministry of Corporate Affairs (MCA) Report of the Working Group on Information Utilities, IBBI recently had notified Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017..NeSL is an information infrastructure institution dealing with critical financial information projects that aim at better serving the financial sector and its stakeholders, besides citizen-centric projects that deliver services with quality at a reasonable cost..Suvan Law Advisors along with SNG & Partners are the law firms assisting and advising NeSL..S. Sahoo, Chairman of IBBI recently stated that something innovative is coming in India which is not there anywhere in the world, called Information Utility. It will have authenticated, verified financial information and the obligation is on financial creditors, operational creditors and corporate debtors to provide information to IU..IUs are in the process of being set up and once done, it will help drastically NCLT in taking decisions and implementation of IBC.