Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

NESL request for authentication

2610 views

Save Share

Asha Vaishnava

Manager - Finance & Accounts

194 Points Posted on 27 May 2020

Dear Sir/Madam,

we recently received any email from NESL team stating to register DSC and authentic.

Please confirm if we received this email because we updated for KYC in amex ? as email states American express as creditor.

please clarify why they want us to authenticate.

Replies (2)

Quick Summary

This discussion clarifies a recent email from NESL requesting Digital Signature Certificate (DSC) registration and authentication. It explains that this process is a requirement under the Insolvency and Bankruptcy Code (IBC), 2016, and IU Regulations. All parties connected to a debt must authenticate financial information furnished by others using their digital signature or Aadhaar-based e-signature. NeSL will store this authenticated data for use during the Insolvency Resolution Process, with options to add remarks or refer disputed details back to the financial creditor.

Aashok Kumar Sharma

Finance/Compliance Consultant

67398 Points Posted on 27 May 2020

As per the provisions of IBC, 2016 & IU Regulations, the financial information furnished by one of the parties connected to a debt needs to be verified & authenticated by all other parties connected to the debt by affixing their digital signature or Aadhar based e-signature. NeSL would be storing the authenticated information with it, for providing access to the persons specified in the Act, during the Insolvency Resolution Process.

All the parties connected to Debt need to electronically authenticate the information with an IU, in order to store the information.

The party authenticating the information is provided with an option to review and affix his remarks item-wise for the data, while authenticating the information furnished by an Information Utility. Such disputed details would be referred back to financial creditor/banks for resolution.