National E-Governance Services Limited (“NeSL”) is a Union government company and is governed by the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. It is appointed by the Insolvency and Bankruptcy Board of India (“IBBI”) as an Information Utility (“IU”).
As a regulated entity, 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 shall electronically collect records/ information, get authentication, maintain the information in a confidential manner and provide access of the financial information so collected and stored only to those who are permitted to have access to the information in accordance with IBC and the Regulations framed thereunder. Thus, the prime function of NeSL is the collection, collation, and dissemination of financial information. Following receipt of the financial information shared by the Banks periodically in compliance with IBC and the Regulations framed thereunder, NeSL will send a message to entities and individuals through e-mail from their e-mail id ([email protected] )/ SMS to the mobile number registered with the Bank requesting all parties to the Credit facilities either to authenticate the record of financial information submitted with NeSL or to reject the record (with valid reasons for rejection to be given). The applicable charges levied by NeSL will be debited to the borrower’s account.
In association with NeSL (National E-Governance Services Limited), many banks like HDFC Bank, Canara Bank, etc., now offer an API-based digital workflow of Bank guarantees which will be a substitute for paper-based guarantees. Read below post how it can be processed, stamped, verified, and delivered instantly, compared with the time-consuming paper-based process.
