Amendments in the Insolvency & Bankruptcy Law
1. Extension of time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder.
IBBI vide circular dated January 09, 2025 has stated that earlier the date for submission of forms relating to the liquidation and voluntary liquidation process was extended till 31.12.2024. However, the IBBI has received representations from the liquidators and Insolvency Professional Agencies for extending the date citing the technicalities and issues involved in the submission of the forms.
Hence in pursuance of the same, the last date of submission of the liquidation and voluntary liquidation forms has been extended till 31.03.2025.
The link for the aforesaid Circular is as follows:
https://ibbi.gov.in//uploads/legalframwork/0558d78c825f16e1a0d6d5acf419d711.pdf
2. Mandatory Use of eBKray Auction Platform for Liquidation Processes.
IBBI vide circular dated January 10, 2025 has directed that, starting from 1st April 2025, Insolvency Professionals (IPs) must exclusively use the eBKray auction platform for listing and selling assets in liquidation cases. All unsold assets in ongoing cases must be listed on the platform by 31st March 2025. Since its introduction, the eBKray platform has seen positive responses, with 210 assets listed and 25 auctions conducted. The platform, currently in pilot mode, will be improved based on user feedback.
The link for the aforesaid Guidelines is as follows:
https://ibbi.gov.in//uploads/legalframwork/43ec517d68b6edd3015b3edc9a11367b.pdf