IU Service for IP's

National E-Governance Services Limited (NeSL) is the first Information Utility (IU) registered with The Insolvency and Bankruptcy Board of India (IBBI) as per the Information Utility Regulations, 2017. The primary role of IU is to serve as a repository holding the information pertaining to any debt/claim, as submitted by the financial or operational creditor, verified and authenticated by the other parties to the debt. IU’s role is to facilitate time bound resolution of insolvency by providing verified information to adjudicating authorities that does not require further proof.


IU systems can be advantage by the Insolvency Resolution Professionals as it play very important role to make greater eco-system using information technology and bring transparency in the Insolvency and Bankruptcy process thereby making the resolution process quick and smooth. Existing services of NeSL IU are as below:

  1. Credit repository (Existing scope of work as per IU regulation, 2017)
  2. Online Registration: For availing IU services, all users (Creditors, Debtors, Co-Obligant and Guarantors) are required to register on IU platform
    1. For all types of entities (individuals as well as non-individuals)
    2. Identification of user/entity using Aadhaar OTP or Digital Signature
    3. Supporting document with Authority letter or Board resolution on the name of User (for entities other than non-individual)
    4. Digital Signature upload
    5. Verification of PAN from Income Tax Department
    6. Mobile no and email ID verification
  3. Information Submission: As per IBC, 2016, Financial / operational creditor uploads periodically, financial information on IU platform in the required Form C template and supporting documents (if any). Form C covers submitter information, Loan/invoice details, related parties details (Debtors, Co-Obligant and Guarantors), security details and default details (if any).
  4. Information Authentication: On receipt of financial information, IU sends authentication request to related party of the credit transaction to authorize using his/her digital signature or Aadhaar e-sign. In case if user observe any discrepancy (ies) in the information, then he/she may raise dispute along with valid reason(s) for it.
  5. Reports: IU registered user can download the following reports from the system
    1. Authentication Status:

List of loan authenticated or disputed by the entity

  1. Authentication Behavior:

Percentage of authentication/ dispute / pending status against the total submissions

  1. 360-degree report:

A consolidated report of all types of loan / advances uploaded by financial as well as operational creditors with the authentication status and dispute remarks (if any).

  1. Record of default / Statement of default:

NeSL provides Record of Default / Statement of Default to creditor within 7 to 15 days of the information. The same is required as an enclosure of Form I while referring a case to NCLT.  Many NCLTs have been place notices on their respective notice boards for enclosing record of default from IU. IPs may inform to their customer who are in process of initiating IBC against any debtor (defaulter) to upload the information (FORM C) on NeSL IU along with default section details and obtain record of default.

  1. IP Module:

NeSL IU has launched IP module for the Insolvency professionals to leverage the information available with IU. This will ease the process of IRP to take the decision quick and smoothly especially in the initial days of assignment like claim verification, forming of CoC etc.  IU system can be advantage for storage purpose also like IRP / IP / Liquidator can store the workings, sheets, Minutes of meetings, information memorandum, important communications etc against the debtor on IU system, which can be access later on.

  1. Online Registration Module:

For availing IU services, IP / Liquidators are required to register on IU platform

  • For all types of entities (individuals as well as non-individuals)
  • Identification of user/entity using Aadhaar OTP or Digital Signature
  • Supporting document with Authority letter or Board resolution on the name of User (for entities other than non-individual)
  • IP / Liquidator registration certificate issued by IBBI
  • Digital Signature upload
  • Verification of  PAN from Income Tax Department
  • Mobile no and email ID verification
  1. Linking with the Debtors & accessing information:

Only specified Users can access the information from IU system. For accessing available information from IU system, IP / liquidator are required to get link with the debtor. For submitting request of linking, IP needs to upload copy of the proceedings / orders issued by AA (NCLT) appointing him IRP / IP / Liquidator.

Once IP / Liquidator is linked with the debtor, he/she may access all information available in the IU system uploaded by financial creditor or operational creditor. IRP can gauge the composition of COC from the available authenticated data. This can be help in claims verification too because digital signed information is uploaded on the IU system.

  1. Storing Information and retrieval:
  • As per Section 38 of IBBI Information Utility Regulations, 2017, an insolvency professional may submit reports, registers and minutes in respect of any insolvency resolution, liquidation or bankruptcy proceedings to an information utility for storage.
  • The information utility shall not provide access to the reports, registers and minutes submitted under sub-regulation (1) to any person other than the concerned insolvency professional, the Board or the Adjudicating Authority.
  • The information utility shall discharge the duties specified in Chapter VI in respect of the reports, registers and minutes submitted under sub-regulation (1).
  • IP or Adjucating Authority can retrieve the stored information. This can work as business continuity like in case of natural disaster or in case of change in IRP to IP or IP to liquidator; the information can be made easily available.
You may reach National E-Governance Services Limited (NeSL) on following contact details:
Toll Free No: 1800 599 2345 Email: IPsupport@nesl.co.in

 

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