Mandatory Use of eBKray Auction Platform for Liquidation Processes
In continuation of efforts to streamline the liquidation process and improve transparency, the Insolvency and Bankruptcy Board of India (IBBI), through circular No. IBBI/LIQ/78/2024 dated 29th October 2024, issued directions regarding the use of the eBKray auction platform.
- The IPs were, inter-alia, directed that they shall exclusively list the details of all the unsold assets in respect of the ongoing liquidation processes on the eBKray platform and that they may utilize the eBKray auction platform for the sale of assets in respect of ongoing cases for auctions.
- The platform has received an encouraging response since its introduction. To date, 210 assets have been listed, and 25 auctions have been scheduled or conducted on the platform. The platform is presently running on a pilot mode and will be improved based on the experiences of usage.
- In this regard, all IPs handling liquidation processes are hereby directed to exclusively use the eBKray auction platform for conducting auctions for sale of assets during the liquidation process with effect from 1st April 2025. It is further directed that listing of unsold assets in all ongoing liquidation cases shall be completed by 31st March 2025.
- This is issued in exercise of the powers conferred under section 196 of the Insolvency and Bankruptcy Code, 2016.
