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Centralised Asset Liquidation Auction Platform

  • 05 Nov 2024
  • 1 min read

Source: BS 

The Insolvency and Bankruptcy Board of India (IBBI) and Indian Banks' Association (IBA) plans to create a centralised platform for auctioning of assets under the Insolvency and Bankruptcy Code (IBC). 

  • Auction of assets will be conducted via the eBKray platform which has been operating auctions for mortgaged assets under the SARFAESI Act, 2002 for the past five years. 
    • eBKray platform is managed by PSB Alliance Private Limited which is a consortium of 12 public sector banks. 
  • The platform will serve as a single listing point for all assets in liquidation cases, requiring detailed asset information from liquidators. 
  • IBBI is a statutory body established under the IBC 2016 to oversee and regulate the insolvency and bankruptcy processes in India. 
  • IBA is a representative body of the banking sector in India, established in 1946. 
  • IBC is a legislative framework enacted in India in 2016 to streamline the process of insolvency and bankruptcy for individuals, partnership firms and companies. 

Read More: Seven Years of the Insolvency and Bankruptcy Code

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