IBBI mandates Sale of Assets under Liquidation through eBKray Auction Platform
As of April 1, the Insolvency and Bankruptcy Board of India mandates that assets under liquidation be sold through the eBKray auction platform
IBBI – IBBI mandates Sale – eBKray auction platform – eBKray auction – Insolvency and Bankruptcy Board of India – taxscan
IBBI – IBBI mandates Sale – eBKray auction platform – eBKray auction – Insolvency and Bankruptcy Board of India – taxscan
As of April 1, the Insolvency and Bankruptcy Board of India ( IBBI ) has prohibited the sale of assets under the liquidation process on any other platform than the eBKray market. An e-auction and property listing platform for banks and lending institutions, eBKray (now Bank Asset Auction Network) focuses on recovering non-performing assets (NPA) loans through effective property auctions.
Formerly known as Bank Asset Auction Network, eBKray is an online auction platform located in India. Banks and other financial institutions typically utilize it to auction off troubled properties or non-performing assets (NPAs). Facilitating the effective and transparent sale of bank-owned assets, including real estate, automobiles, and equipment, was the primary goal.
The eBKray platform allows banks and other financial institutions to post assets for auction. The portal allows potential purchasers to register and provide the required information. Online auctions for listed assets are open to registered users. The highest bidder is proclaimed the winner after the auction concludes at the appointed time. The asset is given to the successful bidder, who also pays for it.This online platform will reach a wider range of potential purchasers and guarantees an open and equitable bidding procedure.
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According to a report by economictimes.com, the circular stated that the IPs were instructed to use the eBKray auction platform to sell assets related to ongoing cases for auctions and to list only the details of all unsold assets related to the ongoing liquidation processes on the eBKray platform.
By March 31, the IPs (insolvency professionals) were instructed by IBBI to use the eBKray platform to offer unsold assets from ongoing liquidation cases for auction. The board further emphasized that beginning on April 1, all auctions for these assets will only be held via the platform.There are already 210 listed assets on the interface, which is currently in trial testing.
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