CA Gyati Gupta
Quick Summary
The Insolvency and Bankruptcy Board of India (IBBI) has made a significant move towards improving the insolvency and bankruptcy process by mandating the exclusive use of the eBKray auction platform, now known as the Bank Asset Auction Network, for the sale of assets under liquidation starting from A
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FAQ :
The IBBI has mandated the exclusive use of the eBKray auction platform, now called the Bank Asset Auction Network, for all asset sales under liquidation starting from April 1, 2025.
eBKray is a specialised property listing and e-auction platform designed to help banks and financial institutions efficiently manage the sale of distressed assets in liquidation cases.
The exclusive use of eBKray for asset sales in liquidation will commence on April 1, 2025. Insolvency professionals must list unsold assets by March 31, 2025.
eBKray offers increased transparency through a digital environment, enhanced efficiency by reducing manual processes, and wider accessibility for bidders nationwide, leading to potentially better sale prices.
Yes, eBKray has been in pilot mode and has successfully listed over 210 assets and facilitated 25 auctions, demonstrating its effectiveness.
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