IBBI Partners with Indian Banks Association to List and Auction Liquidation Assets on eBKray Platform
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- Last Updated on 4 November, 2024
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Circular No. IBBI/LIQ/78/2024, Dated 29.10.2024
The IBBI 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. eBKray has been conducting auctions for assets mortgaged to public sector banks under the SARFAESI Act for the past 5 years. Accordingly, PSB Alliance has developed a module within the eBKray platform to facilitate the listing and auction of assets under IBC.
This centralized platform offers detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates. By enhancing transparency and efficiency through advanced technology, eBKray aims to increase bidder participation, streamline operations, and maximize returns for creditors while improving outcomes for bidders.
It will be a single listing platform to host all assets being sold in liquidation cases. This platform will require liquidators to list all assets of the CD as mentioned in the Asset Memorandum, including comprehensive details such as the status of the attachment or lien, geographical coordinates, and the likely date of auction. For GCS, the entire CD would be listed on this platform.
Initially, the platform is envisioned to be deployed on a pilot mode and it will be improved based on the experiences of usage. The full-fledged roll-out of the platform will be notified thereafter.
Click Here To Read The Full Circular
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