The Insolvency and Bankruptcy Board of India ("IBBI"), vide its notification dated September 1, 2020 has issued ("RVs") ("Guidelines"). These Guidelines shall be applicable on all the valuation reports to be finalised by RVs on or after October 1, 2020.
These Guidelines provide guidance to the RVs in the use of caveats, limitations, and disclaimers in the interest of credibility of the valuation reports. These also provide an illustrative list of the caveats, limitations, and disclaimers which shall not be used in a valuation report.
These Guidelines have been issued in exercise of the powers under Rule 14(i) the Companies (Registered Valuers and Valuation) Rules, 2017 which provides a comprehensive framework for development and regulation of the profession of valuers, which also rules set standards of professional conduct and performance for the valuation profession in the interest of stakeholders. An RV shall prepare valuations reports under Rule 8 of the Rules in adherence to these Guidelines and Registered Valuers Organisations (RVOs) shall monitor adherence to these Guidelines through the scrutiny of the valuation reports.
Please find a copy of the Guidelines here.
This update has been contributed by Adity Chaudhury (Partner) and Aditi Gupta (Associate).
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