The Insolvency and Bankruptcy Code, 2016
IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
Chapter VIII – Conduct of the Fast Track Process
Regulation 26: Appointment of registered valuer.
1[26. The resolution professional shall within seven days of his appointment, appoint one registered valuer2 to determine the fair value and the liquidation value of the corporate debtor in accordance with Regulation 34:
Provided that the following persons shall not be appointed as registered valuers, namely:-
(a) a relative of the resolution professional;
(b) a related party of the corporate debtor;
(c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or
(d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director.]
References
1. Substituted by Notification No. IBBI/2017-18/GN/REG025, dated 7th February, 2018 (w.e.f. 07-02-2018). Prior to this substitution, Regulation 26 stood as under: –
“26. Appointment of registered valuer. The interim resolution professional shall within seven days of his appointment, appoint one registered valuer to determine the liquidation value of the corporate debtor in accordance with Regulation 34:
Provided that the following persons shall not be appointed as the registered valuer:
(a) a relative of the interim resolution professional;
(b) a related party of the corporate debtor;”
(c) an auditor of the corporate debtor in the five years preceding the fast track commencement date; or
(d) a partner or director of the insolvency professional entity.”.
2. Disclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution Processes-No. IP/005/2018, 16th January, 2018.
Access complete Bare Act here. To research Section and sub-section wise judgments, visit here.
Follow for daily updates: