NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC). The company has been set up by leading banks and public institutions and is incorporated as a union government company. The primary role of NeSL is to serve as a repository of legal evidence holding the information pertaining to any debt/claim, as submitted by the financial or operational creditor and verified and authenticated by the parties to the debt.
NeSL works towards
- Time-bound resolution by providing verified information to creditors and to Adjudicating Authorities that do not require further authentication.
- Default intimation to Creditors linked to a debtor when any creditor files a default against a debtor
- Mitigation of information asymmetry between parties to a debt
- Superior credit monitoring by creditors
- An agreed statement of outstanding balance between parties to a debt
- Facilitate all stakeholders of the IBC ecosystem by leveraging Information Technology to achieve objective of code