The Insolvency and Bankruptcy Board of India (IBBI) on October 29, 2024, issued a circular regarding a centralized Electronic Listing and Auction Platform for the Sale of Assets under the Liquidation Process.
The following has been stated: -
•The IBBI has launched a centralized electronic platform, eBKray, to auction assets under liquidation, enhancing transparency and efficiency.
•Liquidators must list all unsold assets on this platform within seven days of submitting the asset memorandum. The initiative aims to improve bidder participation and recovery rates.
•This directive will take effect from November 01, 2024.
The detailed circular is given in the document below.
[Circular No. IBBI/LIQ/78/2024]
