Insolvency Professionals Must Use Baanknet Platform for Liquidation Sales After April 2025 Under Section 196(1)

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....IBBI has mandated that all Insolvency Professionals must exclusively use the Baanknet auction platform (formerly eBKray) for conducting liquidation asset sales where auction notices are issued on or after April 1, 2025. The circular, issued under Section 196(1) of the IBC, requires IPs to specify in auction notices that prospective bidders must submit eligibility documents under Section 29A of the Code and deposit EMDs through the platform. The January 2025 amendment to the Liquidation Process Regulations eliminated the requirement for liquidators to conduct pre-auction due diligence of bidders. The circular stipulates that ineligible bidders will forfeit their EMDs.....