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IBBI Mandates eBKray Platform for Auctioning Assets in Liquidation Process.

Banking & Finance | Dated: 14 Jan 2025

On January 10, 2025, the Insolvency and Bankruptcy Board of India (IBBI), based in New Delhi, mandated that all asset auctions under the liquidation process must be conducted on the 'eBKray platform' (now known as Bank Asset Auction Network, BAANKET) starting from April 01, 2025. This move aims to simplify the auction process, enhance transparency, and improve recovery rates in liquidation cases.

🎯 Key Highlights:

  • - IBBI has instructed Insolvency Professionals (IPs) to list all unsold assets from ongoing liquidation cases on the eBKray platform by March 31, 2025, to enhance efficiency, accountability, and buyer access in the liquidation process.
  • - The decision is intended to address challenges associated with manual and fragmented auction processes.

💡 Other Important Facts:

  • (i) Launched in 2019, eBKray is an advanced property listing and e-auction platform designed for banks and lending institutions to recover non-performing asset (NPA) loans by facilitating the efficient sale of distressed assets through digital auctions.
  • (ii) IBBI has extended the deadline for Insolvency Professionals (IPs) to submit electronic forms related to liquidation and voluntary liquidation processes to March 31, 2025, following concerns over technical issues in form submission.
  • (iii) This extension marks the second change in deadline; the original deadline was September 30, 2024, which was first extended to December 31, 2024.

📚 Test Your Knowledge:

Who mandated the use of the eBKray platform for auctioning assets in liquidation cases?

Correct Answer: IBBA

🚀 Quick Recap:

About Insolvency and Bankruptcy Board of India (IBBI)

  • Chairperson : Ravi Mital
  • Headquarters : New Delhi