IBBI mandates eBKray auction platform for selling assets under liquidation

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IBBI mandates eBKray auction platform for selling assets under liquidation - Business Standard

Quick Summary:

"The IPs were directed that they shall exclusively list the details of all the unsold assets in respect of the ongoing liquidation processes on the eBKray platform and that they may utilise the eBKray auction platform for the sale of assets in respect of ongoing cases for auctions," the regulator said in a circular on Friday.

The eBKray (now known as Bank Asset Auction Network) is a property listing and e-auction platform designed for banks and lending institutions, addressing recovery of non-performing asset (NPA) loans through efficient property auctions.

IBBI directed the IPs (insolvency professionals) to list unsold assets from ongoing liquidation cases for auction on the eBKray platform by March 31.