Centralized platform — eBKray — to streamline liquidation process, boosts recovery rates

The Insolvency and Bankruptcy Board of India (IBBI) has announced a significant shift in how assets are sold during corporate debtor liquidation. In collaboration with the Indian Banks’ Association (IBA), IBBI is introducing a centralized online platform, eBKray, to streamline the process and maximize returns for creditors.

Previously, liquidators used various auction platforms, often providing limited details about assets only when announcing auctions. This led to “information asymmetry,” where potential buyers had little time to evaluate assets, potentially resulting in lower recovery rates.

eBKray: Transparency and Efficiency through Technology

eBKray, owned and managed by PSB Alliance Private Limited (a consortium of public sector banks), has been successfully conducting auctions for assets mortgaged to these banks for the past five years. Now, a dedicated module within eBKray will handle asset listings and auctions under the Insolvency and Bankruptcy Code (IBC).

“This centralized platform offers comprehensive information on corporate debtor assets, including photographs, videos, and geographical coordinates,” says the IBBI. “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.”  

Key Features of eBKray:

• Single Listing Platform: All assets undergoing liquidation will be listed on eBKray, providing a one-stop shop for potential buyers.
• Detailed Asset Information: Liquidators are required to list comprehensive details such as the asset’s status, location (with geographical coordinates), and the likely auction date.
• Pilot Phase and User Feedback: Initially, eBKray will operate in a pilot mode, allowing for improvements based on user experiences.

Accessing eBKray:

• Liquidation professionals (IPs) can access the platform using their existing IBBI login credentials.
• Prospective buyers can visit https://ebkray.in for platform access and find FAQs and user guides at https://ibbi.gov.in/en/home/psb-alliance.

This initiative is expected to significantly improve the efficiency and transparency of the liquidation process, benefiting both creditors and potential buyers.

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