Currently, the liquidators in the various liquidation process are selling the assets through various auction platforms and the details of a company’s assets are typically made public only at the time of the auction notice. This practice leads to information asymmetry, as potential buyers have limited time to assess the value of the assets, often resulting in lower recovery rates.

A centralised listing and auction platform where details of all assets under liquidation of Corporate Debtor are continuously available to the public provides an effective solution to these problems.

In view of the above, IBBI vide Circular date IBBI/LIQ/78/2024 dated October 29, 2024 has informed that IBBI has collaborated with the Indian Banks’ Association (IBA) to facilitate the auction of assets through the eBKray platform which is presently owned and managed by PSB Alliance Private Limited (a consortium of 12 public sector banks).

This centralized platform inter-alai offers detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates. By enhancing transparency and efficiency through advanced technology, eBKray aims to increase bidder participation, streamline operations, and maximize returns for creditors while improving outcomes for bidders.

The link for the aforesaid Circular is as follows:
https://ibbi.gov.in//uploads/legalframwork/77e7f6034a0c4dab174712fbf00920a6.pdf