Shri P.P. Chaudhary, Minister of State for Law & Justice and Corporate Affairs, gave away registration certificates to the first batch of 16 Registered Valuers at the Insolvency & Bankruptcy Board of India (IBBI) Office here today.
Shri Chaudhary congratulated the 16 valuers and exhorted them to focus on behaviour, conduct and reputation from day one so that they earn the trust of the society and inspire confidence of stakeholders. Resolution of stressed assets must take cognisance of their intrinsic value, which needs to be determined by a competent and accountable professional. The Ministry of Corporate Affairs and the IBBI should be complimented for providing an institutional framework for development and regulation of the profession of Registered Valuers. Shri Chaudhary suggested that the Registered Valuers need not confine themselves to valuations under the Insolvency and Bankruptcy Code, 2016 and the Companies Act, 2013; they may conduct valuations in other areas to the extent permitted by the relevant applicable law. The Government enacted the Insolvency and Bankruptcy Code in 2016 to improve ease of doing business and facilitate resolution of stressed assets in a time bound and result oriented manner and successful resolution of Bhushan Steel Ltd is a case in point.
While speaking on the occasion, Dr. M. S. Sahoo, Chairperson, IBBI stated that professions are key institutions of market economy and the competitive edge of the nations depends to a large extent on the quality of professions. He urged the Registered Valuers Organisations (RVOs) and Registered Valuers to provide quality and responsible valuation services. The institutional framework now provided under the Companies (Registered Valuers and Valuation) Rules, 2017 builds on the existing institutions, while imparting respectability to the Registered Valuers. The institutional framework provides regulated self-regulation which combines the benefits of statutory regulation and self-regulation and promotes competition among Registered Valuers and RVOs. Dr Sahoo emphasised that the initial constituents of the valuation profession have a higher responsibility as they would be watched very closely by the stakeholders and their action and conduct would determine the future of the profession.
Shri K. V. R. Murty, Joint Secretary, Ministry of Corporate Affairs, IBBI Whole Time Members Dr. Navrang Saini and Dr. (Ms.) Mukulita Vijayawargiya besides many other senior officers of the IBBI and CEOs of RVOs attended the event.
