Centralised Asset Liquidation Auction Platform | 05 Nov 2024
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