IBBI Mandates Use of Baanknet (Formerly Ebkray) Platform for Liquidation Auctions

The Insolvency and Bankruptcy Board of India (IBBI) had earlier issued a circular dated October 29, 2024, announcing the launch of a centralized electronic listing and auction platform, namely eBKray, for the sale of assets under the liquidation process. The IBBI had directed the IPs to exclusively list the details of all the unsold assets in respect of the ongoing liquidation processes on the eBKray platform and to discretionarily utilize the eBKray auction platform for the sale of assets in respect of ongoing cases for auctions.

Later, the platform having shown a promising response, the IBBI directed all IPs handling liquidation processes to exclusively utilize the eBKray platform for conducting auctions of assets, effective from April 1, 2025, by way of its circular dated January 10, 2025. Additionally, IPs were required to complete the listing of all unsold assets in ongoing liquidation cases on the platform by March 31, 2025.

Subsequently, the IBBI published another circular on March 28, 2025, directing all IPs to exclusively use the Baanknet (formerly eBKray) auction platform for conducting auctions for the sale of assets during the liquidation process where an auction notice is issued on or after April 1, 2025. Further, in view of the recent amendment brought in by way of the IBBI (Liquidation Process) (Amendment Regulations, 2025), all IPs have also been directed to clearly mention the following in the auction notices:

• Submission of requisite documents, including a declaration of eligibility under Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC) through the electronic auction platform by prospective bidders;
• Deposit of the Earnest Money Deposit (EMD) through the Baanknet auction platform by the prospective bidders; and
• Forfeiture of EMD if the bidder is found ineligible.

The above essentially aims to centralize and standardize the liquidation auction processes, ensuring greater accessibility, transparency, and efficiency through advanced technology. The platform offers detailed information on assets, including photographs, videos, and geographical coordinates. Potential buyers will now have continuous public access to the details of all assets of a corporate debtor under liquidation thus having more time to assess the value of the assets. In all, it will lead to increased bidder participation and ultimately maximisation of returns for the creditors.