CEV RAISED PROTEST AGAINST SIDBI FOR COMPULSORY CONDITION FOR THE EMPANELED VALUERS FOR REGISTRATION AS RV DURING COVID SITUATION

CEV RAISED PROTEST AGAINST SIDBI FOR COMPULSORY CONDITION FOR THE EMPANELED VALUERS FOR REGISTRATION AS RV DURING COVID SITUATION

ASSOCIATION OF ENGINEERS & VALUERS RAISED PROTEST AGAINST SIDBI FOR COMPULSORY CONDITION FOR THE EMPANELED VALUERS FOR REGISTRATION AS RV DURING COVID SITUATION

In an interview, the officials of the ‘Council of Engineers & Valuers Association’ said that the email with the subject “Submission of IBBI Registration Certificate- URGENT DT-30/04/2021″ has been received by our members throughout the county for Additional requirements in respect of existing fixed asset valuers sent by  SIDBI office. 

He added that our members are in receipt of the above email issued by the SIDBI office situated at Lucknow, in which all empaneled valuers of SIDBI have been asked to get themselves registered with IBBI  under section 247 of the companies act on or before June 30, 2021.

We wish to bring to the notice the following a few points for kind consideration please that ever since the inception of the requirement of the Valuation of various movable and immovable properties for various purposes in independent India, the registration of valuers was done under section 34 AB of the wealth tax act 1957.

Qualifications as prescribed under the Wealth Tax Rules, 1957 have been adopted by the Parliament, vide Section 2(d) of “The Security Interest (Enforcement) Rules, 2002″, vide notification no. dated 26th October 2007 for purpose of valuation of properties by banks & Secured Creditors, which provision is reproduced hereunder:-“Section 2(d) “approved valuer” means a person registered as a valuer under section 34-AB of Wealth Tax Act, 1957 and approved by the Board of Directors or Board of Trustees of the secured creditor, as the case may be.” and the definition of “secured creditor” under section 2(d) means “any bank or financial institution or any consortium or group of banks or financial institutions”.

In exercise of powers conferred by section 247 read with sections 458 and 469 of the Companies act2013 (18 of 2013), the Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October 2017. In addition, to administer and perform functions under the said rules, the MCA by way of notification on 23 October 2017, has specified the Insolvency and Bankruptcy Board of India (IBBI) as the responsible authority. The valuation under Companies Act 2013 is required from registered value under the well-known instances only to date.

The valuation for banks is required for mortgaging the property as collateral security for loans or is to be done under the securitizations act, these do not come under the preview of companies act as discussed in (4) above.

However, SIDBI recently issued a circular titled Submission of IBBI Registration Certificate- URGENT (copy attached). As per this circular, all panel valuers of the bank are required to be registered with IBBI till 30/06/2021.

Even the companies’ act nowhere mentions that for valuation of banks, one needs to register with IBBI. So, it is wrong on part of SIDBI to ask the empaneled valuer to get themselves registered under the companies act 2017.

He also added that many of our members are waiting to get themselves registered in IBBI but unfortunately since last year due to the Corona threat it is not possible for our members to go out to appear in the examination at the far-off centers and also examination dates of most of the centers are postponed several times due to the severe pandemic conditions. Looking towards the safety of all the empaneled valuers “We humbly request SIDBI to withdraw this circular at the earliest convenience” He concluded. 

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