IBBI invites application for empanelment for Platform for Distressed Assets

Jun 14, 2019 | by Avantis RegTech Legal Research Team

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Commercial Compliance

The Insolvency and Bankruptcy Board of India (IBBI) on June 12, 2019, has invited for application or proposal from the platform providers willing to offer platform services for their empanelment. The purpose of this invitation of application is to enable IBBI to empanel the Platforms for Distressed Assets (PDA). This empanelment process will allow platform providers to get themselves empanelled. 

The empanelled PDA may provide any platform service required for any process under the Insolvency and Bankruptcy Code, 2016. The platform services offered shall include the following: 

1.Marketplace for Interim Finance 

2.Virtual data room for Invitation of Resolution Plans/ Liquidation 

3.Invitation and Evaluation of resolution plans 

4.Auction during Liquidation 

The IPs may select any of the platform offerings based on the requirements of the particular assignment.

The PDA must comply with the below mandatory requirements to qualify for getting empanelled. The proposals may mention their readiness to the following requirements: 

i.Deployment Requirements

ii.General Requirements

iii.Service Management and Provisioning Requirements

iv.User/Admin Portal Requirements 

v.Data Centre Facilities Requirements or Data storage facility

vi.Disaster Recovery & Business Continuity Requirements

vii.Security Requirements

viii.Legal Compliance Requirements

ix.Management Reporting Requirements

x.Exit Management / Transition Requirements

The application for the empanelment may be sent to the Deputy General Manager (Establishment Division), IBBI, 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110 001 Telephone No.:011-23462866 by July 07, 2019.


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