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IBBI Launches Centralized Platform for Asset Sales under Insolvency Code

Published on October 31, 2024
Current Context: On October 30, 2024, the Insolvency and Bankruptcy Board of India (IBBI) launched a centralized online platform called eBKray for the sale of assets under the insolvency code.
IBBI Launches Centralized Platform for Asset Sales under Insolvency Code
  • This platform, developed in partnership with the Indian Banks' Association (IBA) and managed by PSB Alliance Private Limited, aims to streamline the process of selling assets undergoing insolvency proceedings.
  • Key Features of eBKray:
    • Transparency: Provides detailed information about assets, including photographs, videos, and geographical coordinates, ensuring transparency for potential bidders.
    • Efficiency: Simplifies the bidding process by centralizing asset sales, reducing time and administrative effort for all parties involved.
    • Enhanced Participation: Encourages wider participation from bidders by offering a user-friendly interface and comprehensive asset details.
    • Improved Recovery Rates: By making the process more accessible and efficient, the platform is expected to improve recovery rates for creditors.

Question:

1 Which organizations partnered with the IBBI to develop the eBKray platform?

  • A) Indian Banks' Association (IBA) and Reserve Bank of India (RBI)
  • B) Indian Banks' Association (IBA) and PSB Alliance Private Limited
  • C) Reserve Bank of India (RBI) and PSB Alliance Private Limited
  • D) National Stock Exchange (NSE) and PSB Alliance Private Limited
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