Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,672.15-151.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

IBBI working to provide accountable and competent valuers: MS Sahoo

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.

, ET Bureau|
Apr 15, 2019, 02.44 PM IST
0Comments
BCCL
M-S-Sahoo-IBBI-bccl
(Bankruptcy Regulator chairperson MS Sahoo)

NEW DELHI: 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.
0Comments

Also Read

IBBI files criminal complaint against Liberty House

Operational creditors benefit equally from IBC: IBBI

CoCs must share all info on NPA accounts with bidders: IBBI

Special court summons Liberty House chief, 3 others in IBBI case

Dangerous to let viable companies close down: IBBI chief

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for Live Elections News & Results, Latest News in Business, Share Market & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service