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
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
Right2Vote Infotech provides eVoting platform for IBC cases. Unique features include:
We do eVoting under IBC for more than 400 IRPs. Our client list includes all major insolvency firms:
Companies under IBC
Home buyer voting under IBC
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
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.
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.
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.
What is the information required for setting up the poll?
Following information is required for setting up the poll:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.