EMPANELMENT OF VALUERS FOR PUNJAB & SIND BANK: ELIGIBILITY CRITERIA AND GUIDELINES
Minimum qualification and experience of Valuers and Authorities with whom the Valuer’s name is to be registered for eligibility:
1. The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 (the Act)] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules). 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. Eligibility criteria, minimum qualification, etc for valuer to be empanelled for carrying out valuation of properties under Companies Act, 2013, as prescribed as per Annexure 1.
Accordingly, where Borrower is a Company and where a valuation is to be made of any property, stocks, shares, debentures, securities or goodwill or any assets or net worth of a company or its liabilities under the provisions of the Companies Act, 2013, it should be ensured that the same shall be valued by a person having the requisite qualifications, experience, registered as a valuer and member of a registered valuers organization, in the manner prescribed in the Rules. Also, cases referred to NCLT under IBC, IRP/RP shall appoint valuers for valuation of assets of the corporate debtor by engaging valuers who are registered with IBBI/ organizations recognized by
IBBI.
Further, it may be clarified that such registered valuer….
Accordingly, where Borrower is a Company and where a valuation is to be made of any property, stocks, shares, debentures, securities or goodwill or any assets or net worth of a company or its liabilities under the provisions of the Companies Act, 2013, it should be ensured that the same shall be valued by a person having the requisite qualifications, experience, registered as a valuer and member of a registered valuers organization, in the manner prescribed in the Rules. Also, cases referred to NCLT under IBC, IRP/RP shall appoint valuers for valuation of assets of the corporate debtor by engaging valuers who are registered with IBBI/ organizations recognized by
IBBI.
Further, it may be clarified that such registered valuer….
READ FULL DOCUMENT…..