IBBI grants recognition to two registered valuers organizations

ANI | Updated: Dec 28, 2017 19:12 IST

New Delhi [India], Dec 28 (ANI): The Insolvency and Bankruptcy Board of India (IBBI) recognised two registered valuers organisations, said the Ministry of Corporate Affairs on Thursday.

"The Institution of Estate Managers and Appraisers will handle one asset class of land and building while the IOV Registered Valuers Foundation will handle three asset classes of land and building, plant and machinery and securities or financial assets, according to an official statement.

This move is in pursuance of the Companies (Registered Valuers and Valuation) Rules, 2017 and these registered valuer organizations will help in determining the value of assets.

These registered valuers organisations will conduct educational courses in valuation, grant membership and certificate of practice to individuals.

They will also conduct training for its members and lay down and enforce the Code of Conduct for the registered valuers, who are its members.

IBBI was set up on October 1, 2016, under the Insolvency and Bankruptcy Code, 2016 (Code). It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities. (ANI)