If you are a creditor involved in an insolvency or bankruptcy case under the Insolvency and Bankruptcy Code (IBC) in India, you have a right to vote on the resolution plan of the entity. The resolution plan is a proposal that outlines how the entity will repay its debts, restructure its business, or liquidate its assets.

Voting on the resolution plan is a crucial step in the resolution process, as it determines the fate of the entity and your recovery. 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, you should consider using evoting as a convenient, secure, and transparent way to vote on the resolution plan. Evoting is the process of voting electronically, either online or through a dedicated device. Evoting has many advantages over traditional voting methods, such as:

• Evoting increases your participation and representation in the resolution process. Evoting allows you to vote from anywhere and at any time, without having to travel or attend physical meetings. Evoting also enables you 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 you to verify your vote and view the voting results. Evoting also ensures that the voting is conducted in accordance with the Insolvency and Bankruptcy Board of India (IBBI) guidelines and regulations.

How can you use evoting for IBC cases?

Evoting for IBC cases is regulated by the IBBI, which is the apex body for implementing the IBC. The IBBI has issued guidelines and regulations for evoting for IBC cases, 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.

Evoting for IBC cases 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 you to have a voice in the resolution process.

If you want to learn more about evoting for IBC cases, 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!