IBBI bans Insolvency Professional for three months for appointing unregistered valuer
ABACUS Case Law Citation
ABCAUS 3372 (2020) (08) IBBI
In a recent case, Disciplinary Committee of IBBI has banned an Insolvency Professional for a period of three months for appointing unregistered valuer
Under regulation 27 of the corporate insolvency resolution process (CIRP) Regulations, it is the duty of the Insolvency Professional (IP) to appoint registered valuers within 7 days of their appointment and not later than forty-seventh day from insolvency commencement date to determine the fair value and liquidation value of the Corporate Debtor (CD).
Further, IBBI Circular IBBI/RV/019/2018 dated 17th October 2018 (w.e.f. 1st February 2019) specifies that only valuers registered with the IBBI under the Valuation Rules may be appointed by the IP.
The DC found that the Resolution Professional (RP) had appointed a valuer in relation to the CIRP who was not registered with the Board under the Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules). In other words the valuer appointed was unregistered.
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