|Nature of Service||Time Norm|
1. For Entities
2. For Individuals
3. Insolvency Professionals
|Submission of Data by the intending User for User Registration on NeSL-IU Portal is on-line. On successful submission of the data by the intending User on-line, the NeSL would scrutinize the details and approve the User Registration within 30 minutes, if the submission is made between 10.00 Hrs and 18.00 Hrs on NeSL Working Days. For submissions made outside the above working hours, Approval by NeSL would happen on the next working day.|
|2. Issuance of Record of Default Certificate||The facility of auto downloading of the Record of Default by the Creditor himself, without intervention of NeSL, has been enabled to all Creditors to enhance customer convenience.
RoD generation from the system by the Creditor may take about 10 minutes after submitting the request for RoD in the IU module. If the request is sent to NeSL team for generation of the ROD then a time of 24 hours may be allowed for despatch of the same.
On Reporting of the Default by a Creditor (both Financial & Operational), in terms of the process stipulated in Regulation 21 of IBBI (IU) Regulations, NeSL would expeditiously undertake the process of authentication of default as soon as it is reported to it, by sending authentication invitation e-mail to the Debtor/other parties to the Debt inviting to verify and authenticate the information by affixing digital signature.
In urgent cases for filing before NCLTs along with Application for initiating Corporate Insolvency Resolution Process, the Creditor can download the Record of Default immediately on reporting the default. But in such cases, in the Records of Defaults, the authentication status would be indicated as “Pending for Authentication”.
|After recording the status of Default, the NeSL-IU shall communicate the status of authentication in electronic form to the Registered Users, as a default intimation in accordance with Regulation 21 of the IU Regulations, who are-
a)Creditors to the Debtor who has defaulted
b)Parties & Sureties, if any, to the Debt in respect of which the information of default has been received.
This helps as near real time alert to the Creditors.
|3. Issuance of Annual Certificate to the Registered Users||NeSL-IU will issue an Annual Statement by e-mail to every Registered User, as per Reg 25 of IBBI Regulations of all information pertaining to the User at the completion of one year within a period of 15 days.|
5.Credit Facility Report
|This report provides a 360 degree view of “Debt Exposure” of an entity / individual, with details of the Financial Credit & Operational Credit exposure in the capacity of Debtor or Co-obligant or Guarantor. Authentication Status of each Debt including authentication behaviour of the Debtor is also covered.
The Registered Users of Banks/FIs who have entered into IU Agreement with NeSL can log-in into the IU Portal and generate this report from “Reports Tab – Credit Facility Report”, by declaring that they have the consent of the Debtor Entity/Individual on whom this report is generated, to access the data.
The Report would be available for downloading in about 30 minutes from the time of submitting the request in the module.
In cases where the User does not have the consent of the Debtor Entity/Individual, on his declaring to that effect, an e-mail would be triggered by NeSL to the Debtor Entity / Debtor concerned for obtaining his consent. If the Debtor accords his consent, the Credit Facility Report would be made available.
|4. Issuance of Other Certificates||NeSL-IU will issue a Certificate confirming that no record of dispute raised in relation to an operational debt has been filed by any person at IU (in applicable cases), within a period of 1 hour of receiving such a request from an Operational Creditor.|