Section 35 in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
35. [ Valuation of assets or business intended to be sold. [Substituted by Notification No. IBBI/2018-19/GN/REG037, dated 22.10.2018 (w.e.f. 15.12.2016).]
(1)Where the valuation has been conducted under regulation 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 or regulation 34 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, as the case may be, the liquidator shall consider the average of the estimates of the values arrived under those provisions for the purposes of valuations under these regulations.(2)[In cases not covered under sub-regulation (1) or where the liquidator is of the opinion that fresh valuation is requiredunder the circumstances, he shall within seven days] of the liquidation commencement date, appoint two registered valuers to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate debtor:Provided that the following persons shall not be appointed as registered valuers, namely: -(a)a relative of the liquidator;(b)a related party of the corporate debtor;(c)an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or(d)a partner or director of the insolvency professional entity of which the liquidator is a partner or director.(3)The Registered Valuers appointed under sub-regulation (2) shall independently submit to the liquidator the estimates of realisable value of the assets or businesses, as the case may be, computed in accordance with the Companies (Registered Valuers and Valuation) Rules, 2017, after physical verification of the assets of the corporate debtor.(4)The average of two estimates received under sub-regulation (3) shall be taken as the value of the assets or businesses.]
