The Insolvency and Bankruptcy Board of India (IBBI) is on a proposed unified digital Integrated Platform for Insolvency Ecosystem (iPIE). It proposed to bring together stakeholders, processes and technologies active under the Insolvency and Bankruptcy Code, 2016 (IBC Code).
The iPIE will integrate different business processes and digital services to ensure a seamless, secure and transparent user experience in the insolvency lifecycle.
This will be executed through end-to-end digital workflows, information exchange between authorised stakeholders, while reducing dependence on manual processes. The platform aims to make the IBC Code’s implementation more efficient, effective, transparent, accountable and improve the ease of doing business.
The platform will also integrate information from adjudicating authorities, the government and regulatory officials.
The iPIE will maintain a log of all activities, including claim submission, verification, admission and rejection, etc., along with corresponding user IDs, time and IP addresses. This aims to improve security and traceability of case-related information, and make monitoring and scrutiny during inspections easier and more efficient.
The platform will also manage claims, stakeholder engagement, records, resolution/repayment plans, compliance, litigation and finance/costs.
The portal will also be able to monitor implementation of resolution and repayment plans, liquidation as well as bankruptcy. The portal’s dashboard will provide real-time metrics to users. In addition, multiple additional digital services can be accessed on the platform, including virtual data room, electronic voting, a chatbot, etc.
