The Insolvency and Bankruptcy Board of India (IBBI) issued Circular No. IBBI/LIQ/78/2024 on 29th October 2024, mandating the exclusive use of the eBKray auction platform for asset auctions in liquidation processes. This move is part of IBBI's ongoing efforts to enhance transparency and streamline the liquidation process. The circular directs Insolvency Professionals (IPs) to list the details of all unsold assets of ongoing liquidation cases on the eBKray platform and conduct future asset sales exclusively through this platform.
Since its introduction, the eBKray platform has seen significant engagement, with 210 assets listed and 25 auctions either scheduled or conducted. The platform is still in its pilot phase, with improvements being planned based on user feedback. Starting from 1st April 2025, IPs will be required to conduct all asset auctions through eBKray, and the listing of unsold assets in ongoing liquidation cases must be completed by 31st March 2025. This directive is issued under the powers conferred by Section 196 of the Insolvency and Bankruptcy Code, 2016.
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