30/10/2024
Summary of the IBBI Circular dated 28/10/2024
This circular is integrated in our free-to-use website ca2013.com.
Introduction of eBKray platform to facilitate the listing and auction of assets under Insolvency and Bankruptcy Code, 2016 (“IBC”)
The Insolvency and Bankruptcy Board of India (“IBBI”), vide this circular, has introduced a centralized listing and auction platform in collaboration with Indian Banks’ Association (“IBA”) to facilitate auction of assets as required under Regulation 33 (1) of the IBBI (Liquidation Process) Regulations, 2016 (Liquidation Regulations).
Key highlights of the circular are:
1. The auction shall be now facilitated through eBKray platform which is presently owned and managed by PSB Alliance Private Limited (a consortium of 12 public sector banks), which has a track record of conducting auctions for assets mortgaged to public sector banks under the SARFAESI Act for the past five years.
2. The centralized platform of eBKray offers detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates.
3. It will serve as a single listing platform to host all assets being sold in liquidation cases.
4. The Insolvency Professionals (“IPs”) can access the platform using their login details on the IBBI platform at the link provided in the said circular.
5. Further the guidelines to be followed by the IPs w.r.t. the platform are provided for in the circular.
Click here to view the IBBI Circular.
Click here to view the IBBI Circular.
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