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of <h1>Insolvency Professionals Required to Use Baanknet Platform for All Liquidation Asset Sales Starting April 2025</h1> The circular mandates all Insolvency Professionals to exclusively use the Baanknet auction platform (formerly eBKray) for liquidation asset sales where auction notices are issued from April 1, 2025 onward. Prospective bidders must submit eligibility documents under Section 29A of the Insolvency and Bankruptcy Code and deposit EMDs through the platform. The requirement for liquidators to conduct pre-auction due diligence of bidders has been eliminated by the January 2025 amendment to the IBBI Liquidation Process Regulations. Ineligible bidders will forfeit their EMDs.
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