Generation of VRN for valuation conducted by RV

VRN is now compulsory for the Registered Valuers to generate

1. Generation of VRN for valuation conducted by RV
•CA. Manmohan Jindal
•Registered Valuer in Security and
Financial Assets
•Ex-Canara Bank,
•[email protected]
•8850385224

2. •InsolvencyandBankruptcyBoardofIndia,vide
•CIRCULARNo.IBBI/RV/75/202412thAugust,2024
•Mandatedthe
•GenerationofValuationReportIdentificationNumber(VRN)for
valuationconductedbyRegisterValuerunderInsolvencyand
BankruptcyCode,2016.

3. •InsolvencyandBankruptcyBoardofIndia(IBBI/Authority)hasbeen
designatedasanAuthorityundertheCompanies(RegisteredValuers
andValuation)Rules,2017(TheRules)forregistration,monitoring
anddevelopmentofvaluersregisteredundertheRulesreadwith
section247oftheCompaniesAct,2013.
•Atpresent,anyvaluationundertheprovisionsofInsolvencyand
BankruptcyCode(TheCode)shallbedoneonlybyaRegisteredValuer
(RV)/RegisterValuersEntity(RVE).

4. •In order to ensure authenticity and to have a unique reference
number of the valuation reports, it has been decided to provide a
Valuation Report Identification Number (VRIN) for each valuation
conducted under the Code.

5. •Anonlinemodule,hasbeendevelopedbyIBBI.
•TheRV/RVEshallaccessthemodulewiththelogincredentials
providedbytheIBBI.
•Beforethesubmissionofvaluationreport,therespectiveRV/RVEs
shallgenerateauniqueVRINforeachvaluationreport.
•TheRV/RVEshallmentiontheVRINonthefrontpageofthevaluation
report.

6. •AfacilityisalsobeingprovidedontheIBBIwebsitetoallow
stakeholderstoverifytheauthenticityofthereportbyusingVRIN.
•ApplicabilityofthisVRNisonorafterthedateofthiscirculari.e.
12.08.2024.
•TheIPsshallnotacceptanyvaluationreportswithoutVRINinallsuch
cases.

7. •Thanks
•CA. Manmohan Jindal
•Ex-Canara Bank,
•Registered Valuer in Security and Financial Assets
•[email protected]
•8850385224