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The Insolvency and Bankruptcy Board of India (IBBI) has introduced a mandatory Valuation Report Identification Number (VRIN) for all valuation reports prepared by Registered Valuers (RV) or Registered Valuers Entities (RVE) under the Insolvency and Bankruptcy Code, 2016. This measure aims to ensure the authenticity of valuation reports. Registered Valuers must generate a unique VRIN via the IBBI online module before submitting their reports and must display this number on the front page of each report. Insolvency Professionals are prohibited from accepting any valuation reports that lack a VRIN for valuations conducted on or after August 12, 2024. A verification facility is available on the IBBI website for stakeholders to confirm the authenticity of reports using the VRIN.
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Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR
No. IBBI/RV/75/2024 12th August, 2024
To All Registered Valuers All Registered Insolvency Professionals All Registered Insolvency Professional Agencies All Recognised Insolvency Professional Entities, and All Registered Valuers Organisations (By mail to registered email addresses and on the website of the IBBI)
Dear Madam / Sir,
Subject: Generation of Valuation Report Identification Number for valuation conducted by Register Valuer under Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Board of India (IBBI/ Authority) has been designated as an Authority under the Companies (Registered Valuers and Valuation) Rules, 2017 (The Rules) for registration, monitoring and development of valuers registered under the Rules read with section 247 of the Companies Act, 2013. At present, any valuation under the provisions of Insolvency and Bankruptcy Code (The Code) shall be done only by a Registered Valuer (RV)/ Register Valuers Entity (RVE).
At present, RV/RVEs submit the valuation reports upon its completion with or without mentioning any reference number. In order to ensure authenticity and to have a unique reference number of the valuation reports, it has been decided to provide a Valuation Report Identification Number (VRIN) for each valuation conducted under the Code.
Accordingly, an online module, in consultation with Registered Valuers Organisations, has been developed by IBBI. The module has been hosted on the IBBI website at https://www.ibbi.gov.in. The RV/RVE shall access the module with the login credentials already provided by the IBBI. Before the submission of valuation report, the respective RV/RVEs shall generate a unique VRIN for each valuation report. The RV/RVE shall mention the VRIN on the front page of the valuation report.
A facility is also being provided on the IBBI website to allow stakeholders to verify the authenticity of the report by using VRIN.
The circular shall be applicable to all the cases where the date of valuation report is on or after the date of this circular. The IPs shall not accept any valuation reports without VRIN in all such cases.
This circular is being issued in exercise of the powers conferred under the provisions of section 196 of the Insolvency and Bankruptcy Code, 2016, Regulations made thereunder, and the Valuation Rules.
Yours faithfully, (B. Sankaranarayanan) General Manager
