Insolvency Board registers NeSL as Information Utility

New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday registered National E-Governance Services Limited (NeSL) as an Information Utility (IU) under the IBBI (Information Utilities) Regulations, 2017 with N. Rangachary as its Independent Director and Chairman.

The registration will be valid for five years, an official release said.

IU stores financial information that helps to establish defaults as well as verify claims expeditiously and thereby facilitates completion of transactions under the Insolvency and Bankruptcy Code, 2016 in a time bound manner. It constitutes a key pillar of the insolvency and bankruptcy ecosystem, the other three being the Adjudicating Authority (National Company Law Tribunal and Debt Recovery Tribunal), the IBBI and Insolvency Professionals.

NeSL becomes the first IU registered by the IBBI.

The other Independent Directors include Nivedita Haran, Prof. S. Sadagopan, Ajay N. Shah and T.S. Vishwanath.

Sekar Karnam, Gurpreet Singh Chawla and P. Sanker will be Directors while S. Ramann will be the Managing Director.

NeSL has appointed G.M. Srinivasa Bhat as Compliance Officer.