The Insolvency and Bankruptcy Board of India (IBBI) has made it mandatory for Insolvency Professionals (Interim Resolution Professionals (IRPs)/Resolution Professionals (RPs)/Authorized Representatives (AR)) to facilitate an eVoting platform for CoC (Committee of Creditors) members (financial institutions like banks, investors, functional lenders, and home purchasers) in indebtedness/chapter 11 cases under NCLT (National Company Law Tribunal). Let’s have a look at the main components of voting platforms for IRPS and PRs.

The Insolvency and Bankruptcy Code (IBC)-related provision for the online voting platform is accessible here::

Why you ought to pick the PollBag platform for IBC conduct:

1. Feature-rich, adaptable, and simple to utilize, the platform
2. Used and cherished by many Resolutions professionals
3. Cost viable
4. Email and on-call assistance are available 24/7.

Components for IBC casting a ballot

PollBag gives an e-voting platform to IBC cases.

Exceptional components include:

1. Voter weightage: In IBC voting, every lender's vote share is diverse depending on the aggregate sum remarkable of the individual lender. Most online voting platforms are not well equipped to give distinctive weight to various electors. The PollBag eVoting platform naturally computes the outcome after considering the distinctive vote shares of the lenders. This will help save the time and efforts of the insolvency professionals.
2. Voter Receipt: Each elector gets a receipt using email or SMS as a record of the vote cast by him. This is an amazingly valuable component for banks for their interior documentation and reporting.
3. Audit Trail: The IP address and period of casting a ballot are recorded for each vote. This is highly useful to demonstrate the genuineness of electors in the event that outcomes are challenged by someone.
4. Vote Record: The electors can, whenever they login, check the record of votes projected by them previously. This guarantees straightforwardness and expands the certainty of the partners.
5. Extra Time: In extraordinary circumstances, if the period of casting a ballot should be broadened, the PollBag platform offers the element to the resolution professional for extra time.
6. Personalized invitation to cast a ballot to all electors using Email/SMS: PollBag platform consequently sends a customized invitation with a unique link to all electors through email/SMS. This guarantees that all individuals are well aware of the whole voting.
7. Up to 3 free notifications to electors: PollBag Platform additionally gives the office to insolvency professionals to send suggestions to voters with a single click. He can track at the same time who have cast a ballot, who have not cast a ballot & send notification to lenders who have not cast a ballot.
8. Multiple resolutions in a single eVoting event: PollBag platform permits a maximum of 10 resolutions in a single eVoting event with no extra charge.
9. OTP based validation: The software has OTP based validation before sign-in which makes it exceptionally secure as well as very easy to use.
10. Full administrator control: We comprehend that IBC is a time-bound procedure. PollBag platform runs 24/7 hours where insolvency professionals can anytime set up the survey. Full administrator control is given to resolution professionals including alternatives to set up the eVoting event, send updates, add votes, broaden time and download results. This guarantees that customers can set up eVoting event without prior warning not subject to the operations team of PollBag.
11. Email and on-call assistance 24/7: PollBag also provide an email and on-call assistance for 24/7 hours to all customers for answering queries, setting up the eVoting event, etc.
12. Earlier voting events records on the platform: Unlike different platforms records of previous eVoting event are secured on the platform & both event makers and electors can anytime access the software for subtleties of past eVoting event. Insolvency professionals can download the aftereffect of past eVoting event from the software even for the following 2-3 months.

Customer List

We do eVoting under IBC for over 100 IRPs. Our customer list incorporates all significant insolvency firms:

1. KPMG
2. AVM resolutions
3. RBSA

Take Away

PollBag's online voting system is a simple, fully auditable solution to all the problems faced during the student election, the union's election, housing society voting, the RWA election, etc. Online voting platforms ensure that voter turnout is at its maximum. The low-cost e-voting system is 100% secure and transparent. We offer a clean voting experience with a free trial for the first 30 days. Hurry up! Avail of the limited offers with its best services online. T&C applied*