The National E-Governance Services Limited (NeSL) on May20, 2024, issued a circular regarding the updating of Information in the Information Utility with reference to NeSL communique No NeSL/FC/2023/0075 dated March 06, 2023 requesting users to submit information on a regular basis and also to update information expeditiously as provided in the IBBI (IU) Regulations, 2017.
The following has been observed:
• That updating of information is not being done as per the provisions of the IBBI (IU) Regulations, 2017.
• That many submitters of information are not marking the accounts closed or assigned if they are assigned to ARCs or other institutions. As a consequence, these accounts continue in the IU records even after the closure of accounts in the creditor’s books. The accounts in which a successful resolution plan has been implemented or liquidation proceedings have been concluded under the Insolvency and Bankruptcy Code, 2016, need to be updated to reflect the correct position.
• That the records which have been rejected at the time of first submission for certain deficiencies are not rectified and resubmitted.
• It is requested that all submitters submit financial information and update the same as per the provisions of the Insolvency and Bankruptcy Code, 2016 and IBBI (IU) Regulations, 2017.
[Circular No. NeSL/FC/2024/0145]
