Illustration: Binay Sinha
The Insolvency and Bankruptcy Board of India will provide a unique identification number for each valuation report prepared under the insolvency law to ensure its authenticity, the board said in a circular on Monday.
IBBI is the designated authority for the registration, monitoring and development of valuers under the Companies Act, 2013.
As per current practice, Registered Valuers (RV)/Registered Valuer Entities (RVE) submit valuation reports with or without mentioning any reference number, which raises potential issues related to verification.
“To ensure authenticity and to have a unique reference number of valuation reports, it has been decided to provide a Valuation Report Identification Number (VRIN) for each valuation carried out under the Code,” the IBBI circular said.
This circular applies to all valuation reports dated after August 12.
Furthermore, IBBI, in consultation with Registered Valuer Organisations, has developed an online module which can be accessed through its official website, for generation of VRIN.
Appraisers and registered appraisal entities must generate a unique number and mention it on the cover page of the appraisal reports.
“A facility is also being provided on the IBBI website to enable stakeholders to verify the authenticity of the report by using the VRIN,” the board said.
It has also ordered insolvency practitioners not to accept any valuation report without a VRIN.
IBBI is a statutory body functioning under the Ministry of Corporate Affairs. It was established on 1st October 2016, under the Insolvency and Bankruptcy Code (IBC).
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 13, 2024 | 11:42 PM IS
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