Bankruptcy Regulator chairperson MS Sahoo said that the Insolvency and Bankruptcy Board of India (IBBI) is working to provide an accountable and competent valuation professionals.
The ministry of corporate affairs had last year notified that beginning from February 1, all valuations under the Companies Act and the Insolvency and Bankruptcy Code (IBC) would have to be conducted by valuers registered with the IBBI.
“As on date, there are 11 registered valuer organisations who are frontline regulators for registered valuers. There are a total of 1300 valuers registered in three asset classes, namely, land and building, plant and machinery, and securities or financial assets. The IBBI runs valuation examinations for all three asset classes every day from multiple locations in the country.” said MS Sahoo to ET.
The IBBI is also providing study material for prospective valuers free of cost on the IBBI website.
“It (IBBI website) has made available study material for two asset classes, namely, Land and Building, and Plant and Machinery to facilitate preparation for these examinations. This material was prepared by the Centre for Valuation Studies, Research and Training Association (CVSRTA) and is available on IBBI website for free download. I am extremely grateful to CVSRTA for their noble support.” said Sahoo.
The European Group of Valuers’ Associations, which is a European non-profit association of 71 valuers’ associations from 37 countries, has also put out this material for use by their stakeholders.
The IBC has helped financial and operational creditors recover over Rs 68,000 crore through successful resolutions of stressed assets in 88 cases according to IBBI data. Both financial and operational creditors have received on average around 48% of their claims against defaulters in these cases .
Source : Economic Times