Circular on Insolvency and Bankruptcy Code, 2016
Summary of Circular in IBBI Code, 2016 issued on 13/8/2019 is listed below:
Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer:
a. The Board has clarified that appointment of any person as a registered valuer other than a valuer registered under Companies (Registered Valuers and Valuation) Rules, 2017 to conduct any valuation under this code, is illegal and amounts to violation of this circular.
b. The payment in the form of fees or otherwise paid to any person other than the registered valuer would not be considered as a part of insolvency resolution process costs or liquidation cost.