{"id":390372,"date":"2026-07-15T09:00:37","date_gmt":"2026-07-15T03:30:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=390372"},"modified":"2026-07-14T17:51:50","modified_gmt":"2026-07-14T12:21:50","slug":"ibbi-fair-value-amendment-2026-creditor-recoveries-analysis","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/07\/15\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\/","title":{"rendered":"The New Definition of Fair Value: Can Reforming Fair Value Fix Creditor Recoveries?"},"content":{"rendered":"
\n

In simplified terms, fair value is the market value of the company. It measures financial and non-financial assets of a company by considering the ability of a market participant to generate economic benefits by using the asset in its highest use.<\/p>\n

Introduction<\/p>\n

When a company enters insolvency, there are two valuation matrics, i.e.<\/span>, the fair value and the liquidation value, that determine the valuation of the company. Within the Indian insolvency framework, these are captured through fair value and liquidation value. Following this, the resolution plans are priced and submitted, and consequently, creditor recoveries are determined as well.<\/p>\n

In February 2026, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations. The table below sets out the old and the new definitions of “fair value” under Regulation 2(hb<\/span>), Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016<\/a> (CIRP Regulations).<\/p>\n\n\n\n<\/colgroup>\n\n\n\n
\n

Fair Value (old definition)<\/p>\n<\/td>\n

\n

Fair Value (new definition)<\/p>\n<\/td>\n<\/tr>\n

\n

(hb<\/span>) “fair value” means the estimated realisable value of the assets of the corporate debtor, if they were to be exchanged on the insolvency commencement date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had acted knowledgeably, prudently and without compulsion.<\/p>\n<\/td>\n

\n

(hb<\/span>) “fair value” means the estimated realisable value of the corporate debtor or the assets of the corporate debtor, as the case may be, if they were to be exchanged on the insolvency commencement date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, and where the parties had acted knowledgeably, prudently, and without compulsion.<\/p>\n

[Explanation.—<\/span><\/span> The estimated realisable value of the corporate debtor shall be computed after taking into account the total estimated realisable value of all the assets of the corporate debtor, including but not limited to tangible and intangible assets, along with their underlying synergies.]<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The amendment redefined fair value to include synergies like intangible assets, brand value, and the value of the corporate debtor (CD) as a whole. It is a significant departure from the earlier asset-specific approach, where each asset was valued separately. The IBBI Discussion Paper<\/span>1<\/sup><\/a> in detail discussed the structurally deficient nature of the computation of the fair value, which treats the asset of the CD individually and in isolation, an approach that leads to underassessment of the CD’s true commercial worth, distorted valuation of resolution plans, and reduced creditor recoveries. The amendment is an attempt to correct the problems identified in the discussion paper by the IBBI.<\/span><\/p>\n

While the reform is conceptually sound, it overlooks a deeper issue within the insolvency framework: The continuing role of liquidation value as the anchor of the CIRP process. The liquidation value sets the mandatory floor for approval of the resolution plan. Thus, prospective resolution applicants (PRAs), when submitting their plan, take into consideration the liquidation value that the CD would have. Thus, adding synergetic value to inflate the fair value would not result in higher bids, but changing the way that liquidation value is calculated would ultimately result in higher bids and higher recoveries for the creditors.<\/p>\n

Fair value and liquidation value: Their distinct roles under the IBC<\/p>\n

Before evaluating the amendment’s consequences, it is pertinent to understand the purpose of both the fair value and the liquidation value in the IBC. In simplified terms, fair value is the market value of the company. It measures financial and non-financial assets of a company by considering the ability of a market participant to generate economic benefits by using the asset in its highest use.<\/p>\n

Fair value serves one major statutory function. It is required to be disclosed by the Committee of Creditors (CoC) to the PRAs as a part of the information memorandum under Regulation 36(2). However, the CoC, under the proviso to Regulation 36(2)(ka<\/span>) retains the right not to disclose the fair value if they believe that such a disclosure to the PRAs would be detrimental to the resolution process. Thus, the disclosure of fair value is only descriptive, and not mandatory.<\/p>\n

The Supreme Court clarified the legal significance of the fair value in Essar Steel (India) Ltd. (CoC)<\/span> v. Satish Kumar Gupta<\/span><\/span><\/a><\/span>2<\/sup><\/a>, while examining the scope of CoC commercial wisdom under the IBC, the court observed that valuation metrics such as fair value are intended to provide the prospective resolution applicants with a reference point while formulating resolution plans. The court emphasised that these valuations facilitate informed bidding and enable the CoC to assess the commercial viability of competing plans, but they do not curtail the CoC’s ultimate discretion in approving a resolution plan. Judicial review, therefore, remains limited to the grounds specified under Sections 30(2)<\/a> and 61(3)<\/a> of the Code<\/a>, and courts cannot interfere merely because a plan does not match or exceed the fair value.<\/span><\/p>\n

This position was further reinforced in Maharashtra Seamless Ltd.<\/span> v. Padmanabhan Venkatesh<\/span><\/span><\/a><\/span>3<\/sup><\/a>, where the Supreme Court rejected the argument that a resolution plan must necessarily match the fair value of the CD. The court held that neither the Code nor the CIRP Regulations impose any statutory requirement that the value offered under a resolution plan must be higher than the liquidation value or fair value. Instead, these figures merely assist the CoC in its commercial decision-making process. Once the CoC, exercising its commercial wisdom, approves a plan by the requisite majority, adjudicatory authorities cannot reassess its quantitative merits solely on valuation grounds. Reading these two judgments together, fair value’s legal status is best characterised as a negotiating reference in CoC deliberations, a benchmark that can be overridden by CoC decision without judicial intervention.<\/span><\/p>\n

On the contrary, the liquidation value, as defined under Regulation 2(hc<\/span>), has three major statutory functions that collectively govern the minimum entitlements of every class of stakeholder in a CIRP. First<\/span>, under Section 30(2)(b<\/span>)<\/span><\/a> IBC<\/a><\/span>4<\/sup><\/a>, every resolution plan submitted to the CoC must provide each dissenting financial creditor at least the amount they would have received had the CD been liquidated. Consequently, the liquidation value is a prerequisite for approval of the resolution plan by the CoC and the adjudicating authority (AA). Second<\/span>, this prerequisite criterion for dissenting financial creditors is extended operationally through Section 30(2)(b<\/span><\/span><\/a><\/span><\/span>)<\/a> read with Regulation 38(1-A), CIRP Regulations, which requires either that the operational creditor receive the higher of their liquidation value entitlement or the amount they would receive under Section 53<\/a> waterfall. Third<\/span>, and most foundationally, Section 53<\/a> IBC<\/a>, which governs the priority waterfall in the case of liquidation, uses liquidation value as the distributable pool against which workmen’s dues, government dues, secured creditors, unsecured creditors, and equity holders all receive their respective entitlements in strict sequence. These three functions are mandatory, judicially reviewable, and not subject to CoC discretion. They constitute the liquidation value’s binding architecture.<\/span><\/p>\n

Consequently, while fair value serves merely as an informational benchmark with limited influence over PRA with respect to how they price their plan, and also does not bind the CoC in plan approval, whereas the liquidation value operates as the sole binding and enforceable benchmark, directly determining the distribution pool and securing the minimum statutory protection that neither the CoC nor the adjudicating authority can dilute.<\/p>\n

Against this backdrop, the 2026 Amendment assumes particular significance. While it raises the synergy-inclusive fair value, the CoC retains the statutory right to disclose the fair value and to approve a resolution plan that provides less than fair value. Thus, fair value has an informational function that can be waived by a majority of the CoC vote. Liquidation value, by contrast, has no such opt-out clause. It is therefore the only value in the entire IBC framework that has binding, enforceable, justiciable consequences for every stakeholder.<\/p>\n

The liquidation value, being the anchor, pulls down the recoveries<\/p>\n

The claim that liquidation value is the operative pricing anchor of the CIRP, rather than fair value are not a mere assertions, they follow from the rational architecture that Section 30(2)(b<\/span>)<\/span><\/a> creates.<\/span>5<\/sup><\/a> A resolution applicant evaluating a distressed asset knows, with legal certainty, two things. First<\/span>, the CoC’s alternative to approving the applicant’s plan is initiating liquidation under Section 33. Second<\/span>, the CoC cannot confirm any plan that fails to satisfy Section 30(2)(b<\/span><\/span><\/a><\/span><\/span>)<\/a>‘s liquidation floor for dissenting creditors. This means the CoC’s minimum acceptable price is not determined by what fair value says but by what liquidation value legally compels. Establishing liquidation value as an anchor would be of no significance if the resolution plans submitted routinely met or exceeded fair value most of the time. However, the empirical record suggests otherwise. According to the Economic Survey 2025—2026<\/span>6<\/sup><\/a>, of all CIRP proceedings closed as of September 2025. Across the 1300 cases that produced approved resolution plans, creditors realised Rs 3.99 lakhs crore, amounting to 94 per cent of the fair value of resolved businesses and 170 per cent of what they would have received in liquidation.<\/span> <\/span><\/p>\n

The Government’s own data therefore confirms two things simultaneously: First<\/span>, that resolution plans are settling at a discount of approximately 6 per cent to the existing fair value benchmark, before the 2026 Amendment raises that benchmark further through synergy inclusion; and second<\/span>, that the liquidation floor, while consistently beaten by resolution outcomes, is set so low that exceeding it by 70 per cent still leaves creditors recovering only 33 per cent of their admitted claims. The issue is not that resolution plans fall far below fair value, but the liquidation value is set too low.<\/p>\n

In this context, amending the definition of the liquidation value would have been more effective in terms of achieving the objectives articulated in the discussion paper by the IBBI. As established in the preceding section, the purpose the liquidation value serves is statutory in nature, not merely directory; it ensures compliance. The problem with the current framework is that it seeks to solve a problem that is created because the liquidation value is the statutory floor. If we want to move the value of the resolution plan upward, then we need to pull up the floor, which is the liquidation value.<\/p>\n

Proposed changes to the liquidation value: The case for an orderly transaction basis<\/p>\n

Liquidation value for CIRP is calculated as per the International Valuation Standards (IVS).<\/span>7<\/sup><\/a> This specifies two distinct bases of valuation: 1) an orderly transaction; and 2) a forced transaction. Currently, Indian CIRP practice computes liquidation value on the forced transaction basis<\/span>8<\/sup><\/a>, which calculates the value of the business of the CD on the assumption of a distressed sale, within a compressed timeframe of approximately 90 days, with limited market exposure and constrained participation. This is the most pessimistic computation permitted under IVS. It assumes a seller under maximum duress, a compressed marketing window, and a buyer pool limited to those willing to transact at short notice. Unsurprisingly, the result is systematically the lowest possible liquidation value, which consequently leads to the lowest floor possible under Section 30(2)(b<\/span>)<\/span><\/a> IBC<\/a>.<\/span>9<\/sup><\/a> A strategic shift to an orderly transaction would address the issue established above. Under the orderly approach, it is assumed that there is an adequate time for marketing, a broader pool of informed buyers, and standard commercial conditions. Importantly, it does not assume a going-concern premium; it is still a liquidation, still an exit, but it asks what the assets would fetch if they were properly marketed to the right buyers over a realistic time horizon.<\/span><\/p>\n

This recalibration becomes particularly compelling when viewed against the empirical realities of the CIRP. Considering that, in most cases, timelines to conduct CIRP exceed the prescribed 330-day timeline, delays are endemic. As per the latest IBBI Annual Report of 2024—202510<\/sup><\/a>, the average time taken to conclude a CIRP in India is approximately 565 days for resolved cases and around 680 days overall. Thus, to compute the liquidation value floor on the assumption of a 90-day forced sale, and then use that floor to govern the minimum entitlements of every creditor class in a process that takes 565 days, is to import a fictional urgency into a law that has precarious consequences.<\/span> <\/span><\/p>\n

However, the distortion is not merely methodological but also temporal. At present, liquidation value is determined as of the insolvency commencement date (ICD), on the assumption that asset values remain static throughout the CIRP. In reality, valuation is inherently dynamic, and asset values may change significantly over the course of a prolonged CIRP. Anchoring the liquidation value to the ICD further disconnects the liquidation value computation from the commercial reality of the CIRP. Liquidation value, however, could be reassessed closer to the stage at which resolution plans are evaluated by the CoC.<\/p>\n

To sum up the proposal, a dual recalibration, shifting to an orderly transaction basis while updating the valuation date for liquidation value, would more effectively align the IBC framework with its objective of value maximisation.<\/p>\n

Final thoughts on the amendment<\/p>\n

The 2026 Amendment to the definition of fair value is, as the title suggests, a welcome step. By incorporating synergies and an enterprise-level perspective, it equips the CoC with a more commercially realistic benchmark, one that better reflects the true worth of the CD in negotiations with prospective resolution applicants. The IBBI’s diagnosis of undervaluation was correct, and the amendment addresses it in good faith.<\/p>\n

A welcome step, however, is not the best one. Fair value, however, robustly computed, remains to be a negotiated reference that can be overridden by the CoC, and the courts cannot enforce it. It is liquidation value, computed on a forced-transaction basis and anchored to the insolvency commencement date, that sets the binding floor for creditor recoveries. Raising the ceiling without lifting the floor leaves the structural problem intact.<\/p>\n<\/div>\n\n

*Advocate-on-Record, Supreme Court of India and Founder Partner, Lectio Law Offices LLP. Author can be reached at: chatterjeeaor@swarnendu.co<\/a>.<\/span><\/strong><\/p>\n

**LLB, National Law University, Tiruchirappalli; pursing PGIP—LLM programme, National Law University, Delhi. Author can be reached at: anushka.bhatt25@nludelhi.ac.in<\/a>.<\/span><\/strong><\/p>\n

1.<\/a> Insolvency and Bankruptcy Board of India, Discussion Paper on Strengthening the Valuation Process under the Insolvency and Bankruptcy Code, 2016<\/a><\/span> (IBC Laws, 14-11-2025), paras 22<\/span>—<\/span>23.<\/span><\/p>\n

2.<\/a> (2020) 8 SCC 531<\/span><\/a> : (2020) 219 Comp Cas 97, paras 25<\/span>—<\/span>26.<\/span><\/p>\n

3.<\/a> (2020) 11 SCC 467<\/span><\/a> : (2020) 9 Comp Cas-OL 683, paras 26<\/span>—<\/span>28.<\/span><\/p>\n

4.<\/a> Insolvency and Bankruptcy Code, 2016<\/a><\/span>, S. 30(2)(b<\/span>)<\/span><\/a>.<\/p>\n

5.<\/a> Aayush Gugnani, “The Valuation Paradox: A Structural Critique of the IBC’s Liquidation Floor”, IndiaCorpLaw (31-1-2026).<\/p>\n

6.<\/a> Ministry of Finance, Government of India, Economic Survey 2024<\/span>—20<\/span>25 (2025), India Budget — Economic Survey 2024<\/span>—<\/span>2025.<\/span><\/p>\n

7.<\/a> IVS 104: Bases of Value, International Valuation Standards Council, Para 22.<\/p>\n

8.<\/a> Valuation Process under Insolvency and Bankruptcy Code, 2016<\/a><\/span> —<\/span> Best Practices, Indian Institute of Insolvency Professionals of ICAI.<\/span><\/p>\n

9.<\/a> Insolvency and Bankruptcy Board of India, Discussion Paper on Proposed Guidelines for Conducting Valuation under the Insolvency and Bankruptcy Code, 2016<\/a><\/span> (IBC Laws, 19-11-2025).<\/p>\n

10.<\/a> Insolvency and Bankruptcy Board of India, Annual Report 2024<\/span><\/span>—20<\/span>25<\/span><\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

by Swarnendu Chatterjee* and Anushka Bhatt**<\/p>\n","protected":false},"author":67011,"featured_media":390373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42503,1191],"tags":[109840,109837,109836,109835,109838,109839],"class_list":["post-390372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-analysis","category-op-ed","tag-corporate-insolvency-valuation-creditor-recovery-framework","tag-creditor-recoveries-insolvency-valuation-india","tag-fair-value-liquidation-value-cirp-regulations","tag-ibbi-fair-value-amendment-2026-analysis","tag-ibc-fair-value-reform-liquidation-value-analysis","tag-insolvency-and-bankruptcy-board-valuation-amendments-2026"],"yoast_head":"\nIBBI Fair Value Reform and Creditor Recoveries | SCC Times<\/title>\n<meta name=\"description\" content=\"Analysis of the IBBI's 2026 fair value amendment and its impact on insolvency valuations and creditor recoveries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2026\/07\/15\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The New Definition of Fair Value: Can Reforming Fair Value Fix Creditor Recoveries?\" \/>\n<meta property=\"og:description\" content=\"Analysis of the IBBI's 2026 fair value amendment and its impact on insolvency valuations and creditor recoveries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2026\/07\/15\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-15T03:30:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/07\/IBBI-fair-value-amendment-2026-analysis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The New Definition of Fair Value: Can Reforming Fair Value Fix Creditor Recoveries?\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/07\\\/15\\\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/07\\\/15\\\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\\\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/84e42bab48238baf12c7e33b3d9761fe\"},\"headline\":\"The New Definition of Fair Value: Can Reforming Fair Value Fix Creditor Recoveries?\",\"datePublished\":\"2026-07-15T03:30:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/07\\\/15\\\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\\\/\"},\"wordCount\":2431,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2026\\\/07\\\/15\\\/ibbi-fair-value-amendment-2026-creditor-recoveries-analysis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/IBBI-fair-value-amendment-2026-analysis.webp\",\"keywords\":[\"corporate insolvency valuation creditor recovery framework\",\"creditor recoveries insolvency valuation India\",\"fair value liquidation value CIRP Regulations\",\"IBBI fair value amendment 2026 analysis\",\"IBC fair value reform liquidation value analysis\",\"Insolvency and Bankruptcy Board valuation amendments 2026\"],\"articleSection\":[\"Op Eds\",\"OP. 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