IBBI Extends Liquidation Forms Deadline, Mandates eBKray Platform

The Insolvency and Bankruptcy Board of India (IBBI) has issued circulars directing all insolvency professionals (IPs) handling liquidation processes to exclusively use the eBKray auction platform, i.e., Baanknet.com, for conducting auctions with effect from April 1, 2025. Moreover, unsold assets in all ongoing liquidation cases must be listed by March 31, 2025. The platform facilitates the recovery of non-performing asset (NPA) loans by leveraging the sale of distressed assets through online auctions. 210 assets have already been listed with 25 auctions conducted or scheduled on the platform.

Additionally, vide Circulars No. IBBI/LIQ/73/2024 and No. IBBI/LIQ/74/2024 dated 28.06.2024, the liquidators were directed to file forms relating to the liquidation and voluntary liquidation process by 30.09.2024. The last date was earlier extended till 31.12.2024. On receipt of multiple requests from stakeholders, it is again extended till 31.03.2025. Also, IPs have been directed to ensure the information submitted is accurate, truthful, and consistent with the supporting documents attached rather than entering zero values in all fields.