An auction is a system buying and selling goods or services by offering them for beating allowing people to bid and selling to the highest bidder.
As per Insolvency and Bankruptcy code 2016, it is the duty of the liquidator to sell the Assets of a distressed company by various specified modes. One of the mode in the statute aims at getting the maximum bidders to bid for the distressed asset and get maximum value for the Asset.
EIBC Auction aims at providing the secured, fast e auction space to achieve the best value for the Asset.
The platform is accessible from anywhere at any time and physical locality is no more a barrier. It gives better competitive environment to auctioneer to achieve his goal.