valid as on 26/11/2020

2.12.26:Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017

 

The resolution professional shall within seven days of his appointment, appoint one registered valuer to determine the fair value and the liquidation value of the corporate debtor in accordance with Regulation 34:

Provided that the following persons shall not be appointed as registered valuers, namely:-

(a) a relative of the resolution professional;

(b) a related party of the corporate debtor;

(c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or

(d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director.

The interim resolution professional shall within seven days of his appointment, appoint one registered valuer to determine the liquidation value of the corporate debtor in accordance with Regulation 34:

Provided that the following persons shall not be appointed as the registered valuer:

(a) a relative of the interim resolution professional;

(b) a related party of the corporate debtor;

(c) an auditor of the corporate debtor in the five years preceding the fast track commencement date; or

(d) a partner or director of the insolvency professional entity.

Substituted vide the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 dated 07.02.2018. To view the Notification, Click Here

The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2018 dated 7.02.2018


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