On July 24, 2024, the Insolvency and Bankruptcy Board of India (IBBI) conducted a significant workshop in Mumbai, focusing on the introduction and implementation of a new “Listing and Auction Platform” developed by the PSB Alliance for the sale of assets under liquidation. The event aimed to familiarize Insolvency Professionals (IPs) and Insolvency Professional Agencies (IPAs) with the platform’s features and gather their feedback for potential improvements.
The workshop was well-attended by over 60 Insolvency Professionals. Mr. Santosh Shukla, Executive Director of IBBI, delivered the opening address, emphasizing the vital role of a centralized auction platform in enhancing asset recovery rates. He pointed out that the efficiency of asset recovery is closely tied to the speed of the liquidation process; a faster process generally leads to higher recovery rates.
The core of the workshop was a detailed demonstration of the PSB Alliance’s new platform. This demonstration showcased key features such as asset listing, bid submission, and real-time monitoring of auction activities. The platform is designed to streamline the auction process, improve transparency, and increase recovery rates by providing comprehensive information about the assets available for auction.
An interactive session followed the demonstration, allowing participants to offer their insights, suggest enhancements, and address any concerns regarding the platform. The feedback collected will be instrumental in refining the platform before its official launch.
The new listing and auction platform is expected to significantly improve the efficiency and effectiveness of asset liquidation processes, ultimately benefiting all stakeholders involved by delivering greater transparency and better recovery outcomes.
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