The document discusses valuation requirements under the Insolvency and Bankruptcy Code of India. It notes that two registered valuers must be appointed by resolution professionals or liquidators to determine fair value and liquidation value of assets in certain insolvency and bankruptcy proceedings. These include corporate insolvency resolution process, fast track insolvency resolution process, and voluntary liquidation. The valuations provided by the two registered valuers should be independent and in case of significant differences, a third valuer may need to be appointed. Certain related parties cannot be appointed as registered valuers.

1. 1
VALUATIONS UNDER IBC
Under IBBI, the reference for valuations has been made to Companies
Act, 2013 while defining registered valuer. The appointment of a
Registered Valuer has been prescribed in various regulations issued by
IBBI from time to time, some of which are below
Valuations required Insolvency & Bankruptcy Code
Section Requirement of Register Valuer
CIRP 27
Two registered valuers are required to be appointed by
Resolution Professional in 7 days to determine fair
value and liquidation value
CIRP 35
If two liquidation values are significantly different
[under CIRP 27], he may appoint another registered
valuer who shall submit an estimate computed in the
same manner; and the average of the two closest
estimates shall be considered the liquidation value.

2. VLR 3(2)
In Voluntarily liquidation, valuation of assets of the
corporate person by RV
VLR 38(1)
The liquidator prepare a sales statement explaining for
shortfall in value assigned by register valuer
LPR 34(2)
Two registered valuers are required to be appointed by
liquidator to value the assets
FTIRP 26
One registered valuer is required to be appointed by RP
to determine fair value and liquidation value
Section
46(2) of IBC
The Adjudicating Authority may require an independent
expert to assess evidence relating to the value of the
transactions mentioned in this section.
CIRP 27
Two registered valuers are required to be appointed by
Resolution Professional in 7 days to determine fair
value and liquidation value
CIRP 35
If two liquidation values are significantly different
[under CIRP 27], he may appoint another registered
valuer who shall submit an estimate computed in the
same manner; and the average of the two closest
estimates shall be considered the liquidation value.
VLR 3(2)
In Voluntarily liquidation, valuation of assets of the
corporate person by RV
VLR 38(1)
The liquidator prepare a sales statement explaining for
shortfall in value assigned by register valuer
Two registered valuers are required to be appointed by resolution
professional to determine fair value and liquidation value [Refer
Regulation 27 and 35 of The Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016]
 One registered valuer is required to be appointed by resolution
professional to determine fair value and liquidation value [Refer
Regulation 26 and 34 of The Insolvency and Bankruptcy Board of
India (Fast Track Insolvency Resolution Process for Corporate
Persons) Regulations, 2017]
 Two registered valuers are required to be appointed by liquidator to
value the assets [Refer Regulation 34(2) & 35 of The Insolvency
and Bankruptcy Board of India (Liquidation Process) Regulations,
2016]

3. 3
 In reference to voluntary liquidation, the registered valuer report
[Section 59 (3)(b)(ii) of the Insolvency and Bankruptcy Code, 2016]
– This report is required before initiation of process of Voluntary
Liquidation.
In case of two registered valuers, both are supposed to submit their
separate independent report.
Provided that the following persons shall not be appointed as registered
valuers:
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
insolvency commencement date or
d) a partner or director of the insolvency professional entity.
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