IBBI CAUTIONS FOR CANCELLATION OF THE RECOGNITION OF AN RVO FAILING TO COMPLY WITH THE DIRECTIONS TILL 8th OCTOBER 2022
READ ORDER -No. IBBI/Valuation/RVO/02/2022 DATED-22nd September 2022
WHAT DOES THE ORDER SAY
NEW DELHI 23/09/2022: There is a strong case to suspend the recognition of an RVO by the Authority, in the exercise of powers conferred vide notification of Central Government no. GSR 1316(E) dated 23.10.2017 under Section 458 of the Companies Act, 2013 and on Page 3 of 3 pursuances of rule 15 and rule 17 of the Valuer Rules.
However, given the submissions made during the hearing, the authority grants this RVO, an opportunity to complete mandatory compliances under the Valuer Rules within 15 days from the date of issuance of this order.
Failing to comply with the directions as contained in para 3.1 above, the recognition of the RVO with recognition number IBBI/RV/2021/… will stand canceled under Rule 5(c) of Valuer Rules on the 16th day from the date of issue of this order that is with effect from 8th October 2022 in accordance with provisions of Rule 17(8) of the Valuer Rules.
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