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ARTICLE · 13 FEBRUARY 2019

Circulars Issued

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IBBI issued a circular on 17 October, 2018 directing that with effect from 1 February, 2019, no Insolvency Professional shall appoint a person other than a Registered Valuer to conduct any valuation under the Code or any of the regulations made thereunder.

IndiaInsolvency/Bankruptcy/Re-Structuring
Manoj Singh
Manoj Singh
Daizy Chawla
Daizy Chawla
Jatin Kapoor
Jatin Kapoor
Rishub Kapoor
Rishub Kapoor
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a) Valuations under the Code

IBBI issued a circular on 17 October, 2018 directing that with effect from 1 February, 2019, no Insolvency Professional shall appoint a person other than a Registered Valuer to conduct any valuation under the Code or any of the regulations made thereunder.

IBBI also clarified that every valuation required under the Code or any of the regulations made thereunder shall be conducted by a Registered Valuer (RV), that is, a valuer registered with IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017.

b) Voting in the Committee of Creditors

IBBI issued a circular on 14th September, 2018 clarifying that in the meeting of Committee of Creditors (CoC), the voting power of the member in CoC is based on the amount of admitted claim in respect of the financial debt. Further the financial Creditor whose claim has not been admitted, is included in the CoC as member, as and when its claim is admitted.

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