Evoting is the process of voting electronically, either online or through a dedicated device. Evoting has many advantages, such as convenience, accessibility, security, and transparency. Evoting can also reduce the cost and time involved in conducting elections.

Evoting is especially relevant for the Insolvency and Bankruptcy Code (IBC) in India, which is a law that regulates the resolution of insolvent or bankrupt entities. The IBC aims to maximize the value of the assets of the entity, promote entrepreneurship, and ensure timely completion of the resolution process.

Under the IBC, creditors (such as banks, operational creditors, or home buyers) have a say in the resolution plan of the entity. They can vote on various aspects of the plan, such as the liquidation value, the haircut, the distribution of proceeds, and the selection of the resolution applicant.

However, voting under the IBC can be challenging due to various factors, such as:

• The large number and diversity of creditors involved.

• The geographical spread of creditors across India and abroad

• The complexity and technicality of the resolution plan

• The legal and regulatory requirements for voting

To overcome these challenges, evoting is a viable solution. Evoting can enable creditors to participate in the resolution process from anywhere and at any time. Evoting can also ensure that the voting is fair, transparent, and secure.

How does evoting work for IBC?

Evoting for IBC is regulated by the Insolvency and Bankruptcy Board of India (IBBI), which is the apex body for implementing the IBC. The IBBI has issued guidelines and regulations for evoting for IBC, which specify the following:

• The evoting platform should be authorized by the IBBI and comply with its standards and specifications.

• The evoting platform should provide features such as authentication, encryption, audit trail, verification, and result declaration.

• The evoting platform should be accessible to all creditors through various devices and modes of communication.

• The evoting platform should ensure that each creditor has one vote per rupee of claim admitted by the resolution professional (RP).

• The evoting platform should allow creditors to change their vote until the end of the voting period.

• The evoting platform should display the voting results on its website after the end of the voting period.

What are the benefits of evoting for IBC?

Evoting for IBC has many benefits for both creditors and entities undergoing resolution. Some of these benefits are:

• Evoting increases the participation and representation of creditors in the resolution process. Evoting allows creditors to vote from anywhere and at any time, without having to travel or attend physical meetings. Evoting also enables creditors to vote on multiple entities simultaneously.

• Evoting enhances the efficiency and effectiveness of the resolution process. Evoting reduces the cost and time involved in conducting voting. Evoting also eliminates human errors and manipulation in voting. Evoting also facilitates faster decision-making and implementation of the resolution plan.

• Evoting improves the transparency and accountability of the resolution process. Evoting provides a clear record of voting by each creditor. Evoting also allows creditors to verify their votes and view the voting results. Evoting also ensures that the voting is conducted in accordance with the IBBI guidelines and regulations.

Evoting for IBC is a progressive and innovative way to resolve insolvency or bankruptcy cases in India. Evoting can help achieve the objectives of the IBC, such as maximizing asset value, promoting entrepreneurship, and ensuring timely completion. Evoting can also empower creditors to have a voice in the resolution process.

If you are a creditor involved in an IBC case, you should consider using evoting as a convenient, secure, and transparent way to vote on the resolution plan. To learn more about evoting for IBC, you can visit Pollbag, a website that provides information and guidance on evoting for various purposes. Pollbag can help you understand how evoting works, how to register on an evoting platform, how to cast your vote, and how to view the results.

Pollbag is your one-stop destination for all your evoting needs. Visit Pollbag today and make your vote count!