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IBBI Partners with Indian Banks' Association (IBA) to List and Auction Liquidation Assets on eBKray Platform.

Banking & Finance | Dated: 16 Nov 2024

The Insolvency and Bankruptcy Board of India (IBBI) announced that it has collaborated with the Indian Banks' Association (IBA) to facilitate the auction of assets under the liquidation process through the 'eBKray platform', which is presently owned and managed by PSB Alliance Private Limited (a consortium of 12 Public Sector Banks, PSBs).

🎯 Key Highlights:

  • - This announcement was made by IBBI through a circular issued in the exercise of the powers given under Section 196 of the Insolvency and Bankruptcy Code (IBC 2016).
  • - This circular will come into force with effect from 1st November, 2024.
  • - For the initial phase, the platform will be deployed on a pilot mode and it will be improved based on the experiences of the usage. The complete roll-out of the platform will be notified thereafter.

💡 Other Important Facts:

  • (i) PSB Alliance has developed a module within the eBKray platform to provide the listing and auction of assets under IBC 2016.
  • (ii) The platform will act as a unified listing platform to host all assets being sold in liquidation cases. It will require all details such as the status of the attachment or lien, geographical coordinates, and the likely date of auction to be provided by the liquidators.
  • (iii) As per IBBI directions, it is mandatory for all the Insolvency Professionals (IPs) handling the liquidation processes to list the details of all the unsold assets in respect of the ongoing liquidation processes on the eBKray platform.

📚 Test Your Knowledge:

Recently, IBBI partnered with which association to list and auction liquidation assets on the eBKray platform?

Correct Answer: IBA

🚀 Quick Recap:

About Insolvency and Bankruptcy Board of India (IBBI)

  • Chairman: Ravi Mittal
  • Headquarters: New Delhi, Delhi