 "IBBI mandates eBKray auction platform for selling assets under liquidation")
The Insolvency and Bankruptcy Board of India (IBBI) has mandated the exclusive use of the eBKray auction platform to sell assets under the liquidation process from April 1.
The eBKray (now known as Bank Asset Auction Network) is a property listing and e-auction platform designed for banks and lending institutions, addressing recovery of non-performing asset (NPA) loans through efficient property auctions.
"The IPs were 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 utilise the eBKray auction platform for the sale of assets in respect of ongoing cases for auctions," the regulator said in a circular on Friday.
IBBI directed the IPs (insolvency professionals) to list unsold assets from ongoing liquidation cases for auction on the eBKray platform by March 31.
Further, the board emphasised that all auctions for such assets would be conducted exclusively through the platform starting from April 1.
The interface is running on a pilot basis.
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According to the IBBI, 210 assets have already been listed on the platform, with 25 auctions conducted or scheduled.
Based on the platform's initial usage, further improvements will be implemented to enhance its functionality. With this move, the insolvency regulator aims to further its objectives of creating an efficient and accountable insolvency ecosystem.