EVoting For IRPs Under IBC
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 provide eVoting facility to creditors (bankers, operational creditors, home buyers) in insolvency / bankruptcy cases under NCLT (National Company Law Tribunal).
The Insolvency and Bankruptcy Code (IBC) along with provision relating to online voting is available here: Notifications
Why you should choose Right2Vote's eVoting platform for IBC cases:
- Tested and certified by Government of India
- Feature rich, flexible and easy to use platform
- Used and loved by hundreds of Resolution Professionals
- Cost effective
- On call and email support
Certified and Approved by Government of India
Right2Vote Online Voting platform is one of the very few online voting platforms in the country which is tested and certified for both security and quality by Standardization Testing and Quality Certification (STQC) Directorate under Ministry of Electronics and Information Technology (MEITY), Government of India.
It is also approved eVoting agency by Ministry of Corporate Affairs (MCA), Government of India.
Link to certificates: Security Certificates
Features for IBC voting
Right2Vote Infotech provides eVoting platform for IBC cases. Unique features include:
- Weighted Votes: In IBC voting, each creditor's vote share is different based on total amount outstanding of individual creditor. Most voting platform is not equipped to provide different weightage to different voters. Right2Vote's eVoting platform automatically calculates the result after taking into account the different vote shares of the creditors. This saves lot of time and effort for the Insolvency Professionals.
- Voter Receipt: Each voter gets a receipt via email / SMS as a record of the vote cast by him. This is extremely useful feature specially for banks for their internal filing and reporting.
- Audit Trail: The IP address and time of voting is recorded for each vote. This is immensely helpful to prove the authenticity of voters in case results are challenged by somebody.
- Vote Record: The voters can anytime login and check the record of votes casted by them in the past. This ensures transparency and increases the confidence of the stakeholders.
- Extend Time: In exceptional situation, if the time period of voting need to be extended, Right2Vote platform offer the feature to the resolution professional to extend time.
- Personalized invitation to vote to all voters via Email / SMS: Right2Vote platform automatically sends a personalized invite with unique link to all voters via email / SMS. This ensures that all members are informed about the voting.
- Up to 3 free reminders to voters: Right2Vote Platform also provides the facility to resolution professionals to send reminders to voters with single click. He can on real time basis track who have voted, who have not voted and send reminder to creditors who have not voted.
- Multiple resolutions in a single poll: Right2Vote platform allows as many as 10 resolutions in a single poll without any additional charge.
- OTP based authentication: The platform has OTP based authentication before log in which not only makes it very secure but also very user friendly.
- Full admin control: We understand that IBC is a time bound process and time is of essence. Right2Vote platform is a 24/7/365 platform where resolution professionals can anytime set up the poll. Full admin control is provided to resolution professionals including option to set up the poll, send reminder, add votes, extend time and download results. This ensures that clients can set up poll on short notice and not dependent on operations team of Right2Vote.
- On call and email support: Right2Vote also provides on call and email support to all clients for setting up the poll, answering queries etc.
- Record of previous voting events on the platform: Unlike other platforms records of previous polls are maintained on the platform and both poll creators and voters can access the system for details of previous polls. Resolution professionals can download the result of previous polls from the system even after 2-3 months.
Client List
We do eVoting under IBC for more than 400 IRPs. Our client list includes all major insolvency firms:
- PricewaterhouseCoopers (PwC)
- Ernst and Young (EY)
- KPMG
- Alvarez and Marsal
- AAA insolvency
- Sumedha Management
- Primus Resolutions
- Waterfall IP
- DSK Legal
- EZResolve
- Ducturus
- K G Somani
- Kanchansobha
- Areion Resolution & Turnaround
- Renascence Insolvency Resolution Professionals
- Truvisory Insolvency Professionals
Companies under IBC
- Videocon Industries Limited
- Altico Capital India Ltd
- Sri Adhikari Brothers Television Network Ltd
- Infrastructure Leasing and Financial Services (IL&FS)
- Sevenhills Healthcare Private Limited
- Athena Chhattisgarh Power Limited
- Ballarpur Industries Limited
- Bharat NRE Coke Limited
- Birla Cotsyn (India) Limited
- Govind Rubber Limited
- Hiranandani Palace Gardens Pvt Ltd
- Konaseema Gas Power Limited
- Kotak Urja Pvt Ltd
- Ksk Mahanadi Power Company Limited
- Lanco Thermal Power Limited
- SU-KAM Power Systems Ltd
- Sterling International Enterprises Limited
Home buyer voting under IBC
- Earth Infrastructure Limited
- Granite Gate Properties Pvt Ltd (Lotus Panache)
- Rohtas Projects LimitedPiyush Colonisers Limited
- ABW Infrastructure Limited
- Akme Projects Limited
- Ariisto Developers Pvt Ltd
- Three C Homes Private Limited
- Earthcon Universal Infratech Pvt Ltd
- Emerald Lands India Pvt. Ltd
- MSX Mall Pvt Ltd
- IREO Fiveriver Private Limited
- New Chennai Township Pvt Ltd
- A & A Shelters Private Ltd
Charges
Right2Vote offers special discounted pricing for Insolvency cases. For up to 200 voters in an event, charges are only Rs. 5000 plus GST.
For events with more that 200 voters, charges are Rs. 25 / voter. Plus GST
Frequently asked questions
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Is eVoting mandatory under IBC? Can we do physical voting during meeting?
IBC mandates that all creditors should be provided the right to vote and if they are unable to attend the meeting also the right to vote online. However, if the voters are present and ready to vote in the Committee of Creditors (CoC) meeting, then there is no need to provide online voting facility.
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Can we have a situation where few CoC members vote in meeting and few vote online?
Yes, generally not all members are able to join the CoC meeting in person. In such cases, present members can vote during the meeting and rest can vote online. However, in such cases the Right2Vote platform would give result only for voters who voted online, RP will have to add up the offline vote results to calculate the final result.
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Do Right2Vote also provide eVoting service for class of creditors like home buyers or debenture holders?
Yes. Right2Vote is a very flexible platform and you can use it for any kind of elections.
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What is the information required for setting up the poll?
Following information is required for setting up the poll:
- Name of the company
- Name of the resolution professional
- Email ID of resolution professional for setting up the poll
- Start time and date
- Logo of the debtor company / resolution professional (optional)
- Resolutions to be voted upon
- Voter list with name, email ID and vote share of each voter
- GST details including Name of the organization, Address, Contact number and GST number for Invoice.
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Can you set up the voting on short notice?
Yes. Right2Vote's online voting platform is a 24/7/365 platform. You can log in and set up the poll anytime, even on Sunday mid-night. It does not take more than 15-20 minutes.
Right2Vote also offers the service of setting up the poll. If you want our team to set up the poll, kindly provide all the relevant details in one single email. Generally, lead time is around 3 hours during working hours.
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Does Right2Vote provides automatically computed result after taking into account the vote share of each voters?
Yes, results are automatically computed by Right2Vote system based on the vote share provided while setting up the poll. You just need to download the result. And it is done instantly! So, you can save lot of time with Right2Vote.
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What is the format of result provided by Right2Vote?
Result is provided in both PDF and Excel format and can be downloaded from the system by the Resolution Professional. PDF format result has Right2Vote Logo and PDF result copy can be distributed among the stakeholders.
The Excel version comes with additional information including voters ID, IP address, time of voting and individual vote choice. This is to be useful for RP in case of any dispute.
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Do you provide a separate Chartered Accountant certified result apart from the automated result in PDF and Excel format?
Generally, a separate certificate is not required as the auto-generated PDF result comes with our logo and is accepted by NCLT. However, if required, that can be provided for an extra charge.
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What should be the duration of voting under IBC? Can we have it for 3-5 days?
As per the Act, minimum 24 hours need to be provided to the voters. Resolution professional can decide based on their own requirement and Right2Vote does not put any restrictions relating to time.
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In case we want to extend time of the voting, is it possible?
Yes. Extend Time feature is provided, and the resolution professional can use it as per his discretion. We suggest using it only in very expectation situations.
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Can the voters change their vote during the duration of the election?
Yes. Allow Vote Change feature is provided for IBC voting. If resolution professional has opted for this feature, then the voters can change their votes during the duration of the voting.
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If there is any typo error, can we make minor changes to the resolutions text after it is published?
Once the poll is published, no changes can be done in the resolutions or the voter list. This is to ensure there is no malpractice.
However, you can add more voters and extend time, if required.
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In case we want to add voters to the voter list after poll is published, is that possible?
Yes, resolution professional can add more voters, even after the poll is published. This should be done in exceptional situations only.
However, editing or deleting of existing entries in voter list (name / mobile number / email ID / vote share) is not allowed after the poll is published. This is to avoid any kind of malpractices and frauds.
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In case one or more CoC members do not get the voting invite email or OTP email, what is the solution?
System provides for up to 3 reminders and unlimited number of OTP. Hence voter should always get the Email.
However, if the voter has blocked emails from our Email ID they might not get the Email. Some banks, especially public sector banks have very strict IT policy against external emails and their IT settings might block our emails. Request the voter to get our email ID - Contact@right2vote.in whitelisted through their IT team. You can also share this common link with the voter: Login Here.
Other option is you can provide mobile number instead of email ID. IT settings of banks cannot block the SMS.
Anyway, our helpline email ID and mobile number is there on top of each page of the website if any voter faces any issue and wants any help.
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Do Right2Vote also provide Video Conference Facility for Committee of Creditors (CoC) meeting?
Yes, Right2Vote also provides Video conference facility for CoC meetings. Charges are Rs. 10,000 for the first hour and Rs. 5000 for each subsequent hour. GST extra.
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Do Right2Vote also provide eAuction facility for assets to be auctioned under liquidation?
ight2Vote platform also provides eAuction services. eAuction charges is as low as Rs. 5000 per event. GST extra.
