IBBI to hold symposium on Information Utility
Published: May 11, 2020
By TIOLCORPLAWS News Service
NEW DELHI, MAY 11, 2020: THE IBBI in association with The Insolvency Professional Agency of Institute of Cost Accountants of India is organising a webminar on May 12 on the importance of Information Utility in the backdrop of IBC realm. In recent times, accelerated adoption of information technology is the trend across all sectors and insolvency resolution is not an exception to this trend. Information Utility (IU ) is one of the key pillars of the Insolvency and Bankruptcy Code, 2016 (Code). It acts like a credit repository accepting financial information from financial and operational creditors. The information so received is authenticated by all the parties to the debt and stored to be used as evidence in the legal process. It is a cost effective tool for proof of borrower, borrowing, security interest and default. It enables reduction in asymmetry of information andhelp reduce of delays in legal process.
National E Governance Services Limited (NeSL) is the country's first Information Utility registered with the Board. NeSL, also has widened the range of services being offered to creditors, Insolvency Professionals(IPs) and other stakeholders. The Webinar aims to discuss the role of IU as a key pillar of the Code and recent developments with respect to the services being offered by it like interlinking of Samadhaan portal and NeSL IU for speedy disposal of MSMEs unpaid dues, data retention services for IPs, etc. among others, thus, enabling IPs to better utilise the services being provided by IU.
The three hour webiminar called "Information Utility- a key pillar of IBC ecosystem" will start tomorrow from 15.30 to 17.30 hrs. The Executive Director of IBBI, Mr. Pawan K. Kumar will be a key speaker alongwith Mr. S. Ramann, MD & CEO, NeSL IU and Dr. S. K. Gupta, MD & CEO, IPA of ICAI. You can access the link here.