2.18.38. Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021

The resolution professional shall within three days of his appointment, appoint two  registered valuers to determine the fair value and the liquidation value of the corporate debtor:

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

(a) a related party of the corporate debtor;

(b) an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency commencement date;

(c) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director; or

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

The resolution professional shall within three days of his appointment, appoint a set of registered valuers to determine the fair value and the liquidation value of the corporate debtor, unless the committee decides, for reasons to be recorded in writing, to appoint two sets of registered valuers:

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

(a) a related party of the corporate debtor;

(b) an auditor of the corporate debtor at any time during the five years preceding the pre-packaged insolvency commencement date;

(c) a partner or director of the insolvency professional entity of which the resolution professional is a partner or director; or

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