Valuation under IBC: Identification Number Must for Each Valuation Report

With a view to ensure authenticity, the Insolvency and Bankruptcy Board of India (IBBI) has mandated a Valuation Report Identification Number (VRIN) for each valuation conducted under the Insolvency and Bankruptcy Code, 2016.

IBBI has developed an online module in consultation with registered valuers organisations for this purpose.  This module can be accessed by registered valuers and registered valuer entities using the login details provided by the Board. The registered valuers and registered valuer entities are required to generate the VRIN for each valuation report prior to its submission. This VRIN has to be mentioned on the valuation report’s front page.

Further, stakeholders will be able to confirm the authenticity of the valuation report through the VRIN.

It is made clear that the VRIN requirement will apply to all cases where the valuation report is dated on or after the date of the circular, i.e., August 12. In such cases, insolvency professionals will not accept any valuation reports without a VRIN.