{"id":251348,"date":"2021-07-16T10:30:54","date_gmt":"2021-07-16T05:00:54","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251348"},"modified":"2021-07-22T13:27:15","modified_gmt":"2021-07-22T07:57:15","slug":"registered-professional-to-appoint-two-registered-valuers-to-determine-fair-value-and-liquidation-value-of-the-corporate-debtor","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/registered-professional-to-appoint-two-registered-valuers-to-determine-fair-value-and-liquidation-value-of-the-corporate-debtor\/","title":{"rendered":"Registered Professional to appoint two registered valuers to determine fair value and liquidation value of the corporate debtor"},"content":{"rendered":"<p style=\"text-align: justify;\">On July 14, 2021, <span id=\"page5R_mcid4\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">the Inso<\/span><span dir=\"ltr\" role=\"presentation\">lvency <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">and Bankruptcy Board of India makes the <span id=\"page5R_mcid5\" class=\"markedContent\"> Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021<\/span> further to amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/LhNrU8Vb\">Insolvency and\u00a0 <\/a><\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.\u00a0<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page5R_mcid8\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">Regulations, 2016, in regulation 3 relating to Eligibility for resolution professional,<\/span>\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page5R_mcid9\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">(i) in sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">regulation (1) (2), for the words \u201ca resolution profe<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">ssional\u201d, the words \u201c<\/span><span dir=\"ltr\" role=\"presentation\">an interim<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">resolution professional <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">or a resolution professional, as the case may be,\u201d shall be substituted;<\/span><\/span><span id=\"page5R_mcid10\" class=\"markedContent\"> <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page5R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(ii) for<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">regulation (3), the following sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">regulation shall be substituted :<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page5R_mcid12\" class=\"markedContent\"><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page5R_mcid12\" class=\"markedContent\" style=\"color: #008000;\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c(3)<\/span> <span dir=\"ltr\" role=\"presentation\">An interim<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">resolution professional or<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">a resolution professional, who is a director or a partner of<\/span> <span dir=\"ltr\" role=\"presentation\">an\u00a0 <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">insolvency <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">professional <\/span><span dir=\"ltr\" role=\"presentation\">entity, <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">shall <\/span><span dir=\"ltr\" role=\"presentation\">not <\/span><span dir=\"ltr\" role=\"presentation\">continue <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">as <\/span><span dir=\"ltr\" role=\"presentation\">the <\/span><span dir=\"ltr\" role=\"presentation\">interim<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">resolution <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">professional <\/span><span dir=\"ltr\" role=\"presentation\">or <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">resolution\u00a0 <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">professional, as the case may be, in a corporate insolvency resolution process, if the insolvency professional\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">entity or any other partner or direct<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">or of such insolvency professional entity represents any other stakeholder in\u00a0 <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">that corporate insolvency resolution process.\u201d.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page5R_mcid15\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">In the principal regulations, after regulation 4A relating to Choice of authorised representative, the following regulation shall be inserted:<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page5R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span style=\"color: #008000;\"><span id=\"page5R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c4B.<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">Disclosure of change in name and address of corporate debtor.<\/span> <\/span><span id=\"page5R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span class=\"\" dir=\"ltr\" role=\"presentation\">Where a corporate debtor has changed its name or registered office a<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">ddress during the period of two years <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">preceding the insolvency commencement date, the interim resolution professional or resolution professional, as\u00a0 <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">the case may be, shall disclose all the former name(s) and registered office address(es) so changed along w<\/span><span dir=\"ltr\" role=\"presentation\">ith\u00a0 <\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">the current name and registered office address in every communication, record, proceeding or any other <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">document.\u201d<\/span> <\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page5R_mcid21\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">In the principal regulations,<\/span> <span class=\"\" dir=\"ltr\" role=\"presentation\">for regulation 27, the following regulation shall be substituted:<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page5R_mcid22\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span style=\"color: #008000;\"><span id=\"page5R_mcid22\" class=\"markedContent\"><span class=\"\" dir=\"ltr\" role=\"presentation\">\u201c27. Appointment of Professionals.<\/span> <\/span><span id=\"page5R_mcid23\" class=\"markedContent\"><br role=\"presentation\" \/><span class=\"\" dir=\"ltr\" role=\"presentation\">(1) The resolution professional shall, within <span class=\"highlight\">seven<\/span> days of his appointment but not later than forty<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\"><span class=\"highlight selected\">seven<\/span>th day <\/span><br role=\"presentation\" \/><span class=\"\" dir=\"ltr\" role=\"presentation\">from the insolvency commencemen<\/span><span class=\"\" dir=\"ltr\" role=\"presentation\">t date, appoint two registered valuers to determine the fair value and the <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">liquidation value of the corporate debtor in accordance with regulation 35.<\/span><\/span><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page10R_mcid0\" class=\"markedContent\" style=\"color: #008000;\"><span dir=\"ltr\" role=\"presentation\">(2) The interim resolution professional or the resolution professional, as the case may be, <\/span> <span dir=\"ltr\" role=\"presentation\">may appoint a<\/span><span dir=\"ltr\" role=\"presentation\">ny\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">professional, in addition to registered valuers under sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1), to assist him in discharge of his duties in\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">conduct of<\/span> <span dir=\"ltr\" role=\"presentation\">the corporate insolvency resolution process, if he<\/span> <span dir=\"ltr\" role=\"presentation\">is of the opinion that the services of such<\/span> <span dir=\"ltr\" role=\"presentation\">professional are required and<\/span> <span dir=\"ltr\" role=\"presentation\">such services are not available with the corporate debtor. <\/span> <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span style=\"color: #008000;\"><span id=\"page10R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(3) The interim resolution professional or the resolution professional, as the case may be, shall appoint a <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">professional under this regulation on an arm\u201fs length basis following an objective and <\/span><span dir=\"ltr\" role=\"presentation\">transparent process:<\/span> <\/span><span id=\"page10R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that the following persons shall not be appointed, namely: <\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page10R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(a) a relative of the resolution professional; <\/span> <\/span><span id=\"page10R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(b) a related party of the corporate debtor; <\/span> <\/span><span id=\"page10R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(c) an auditor of the corporate debtor at any time during the period o<\/span><span dir=\"ltr\" role=\"presentation\">f five years preceding the insolvency <\/span><span dir=\"ltr\" role=\"presentation\">commencement date; <\/span> <\/span><span id=\"page10R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(d) a partner or director of the insolvency professional entity of which the resolution professional is a partner or <\/span><span dir=\"ltr\" role=\"presentation\">director.<\/span> <\/span><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page10R_mcid7\" class=\"markedContent\" style=\"color: #008000;\"><span dir=\"ltr\" role=\"presentation\">(4) The invoice for fee and other expenses incurred by a professional a<\/span><span dir=\"ltr\" role=\"presentation\">ppointed under this regulation shall be <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">raised in the name of the professional and be paid directly into the bank account of such professional.\u201d<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page10R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> In the principal regulations, in regulation 40B relating to <b>Filing of Forms<\/b>, after sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation (1A), the following sub<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">regulation shall be\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">inserted : <\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span> <\/span><span id=\"page10R_mcid10\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span style=\"color: #008000;\"><span id=\"page10R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c(1B) The resolution professional shall file Form CIRP 8 intimating details of his opinion an<\/span><span dir=\"ltr\" role=\"presentation\">d determination\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">under regulation 35A, on or before the one hundred and fortieth day of the insolvency commencement date:<\/span> <\/span><span id=\"page10R_mcid11\" class=\"markedContent\"><\/span><\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span id=\"page10R_mcid11\" class=\"markedContent\" style=\"color: #008000;\"><span class=\"\" dir=\"ltr\" role=\"presentation\">Provided that the filing of Form CIRP 8 shall not become due unless a period of thirty days has elapsed\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">from the date of commencement o<\/span><span dir=\"ltr\" role=\"presentation\">f the Insolvency and Bankruptcy Board of India (Insolvency Resolution\u00a0 <\/span><span dir=\"ltr\" role=\"presentation\">Process for Corporate Persons) (Second Amendment) Regulations, 2021.\u201d<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 14, 2021, the Insolvency and Bankruptcy Board of India makes the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process <\/p>\n","protected":false},"author":8808,"featured_media":160494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast 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