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IBBI registration must for asset valuation
Context
Professionals carrying out asset valuations under Companies Act and Insolvency and Bankruptcy Code will have to get themselves registered with Insolvency and Bankruptcy Board of India (IBBI) from April to conduct such activities, an official statement said on Monday
Registration mandatory
With effect from April 1, 2018, for conducting valuations required under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016, a person is to be registered with the IBBI as a registered valuer
- Necessary qualification: As per the notification, a valuer needs to have necessary qualification and experience, be a member of a recognised valuer organisation and should be registered with IBBI to carry out such activities
Backdrop
A government notification in October had delegated powers and functions to the IBBI under Companies Act and designated it as the authority under the Companies (Registered Valuers and Valuation) Rules, 2017
