IBBI Launches Centralized Platform for Asset Sales under Insolvency Code

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.

• 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

Answer: B) The eBKray platform was developed in partnership with the Indian Banks' Association (IBA) and is managed by PSB Alliance Private Limited.