IBBI Introduces Unique Identification Numbers for Valuation Reports

The Insolvency and Bankruptcy Board of India (IBBI) will assign unique identification numbers to valuation reports under the insolvency law to enhance authenticity. This applies to reports from August 12 onward. An online module for VRIN generation has been developed, and all stakeholders must use this system for verification.

The Insolvency and Bankruptcy Board of India (IBBI) will now assign unique identification numbers to each valuation report prepared under the insolvency law. This move aims to ensure the authenticity of these reports, the board announced in a circular on Monday.

The IBBI, which oversees the registration, monitoring, and development of valuers under the Companies Act, 2013, noted that the current practice allows valuers to submit reports with or without reference numbers, leading to potential verification issues. To address this, the board has decided to introduce a Valuation Report Identification Number (VRIN) for each report conducted under the Insolvency and Bankruptcy Code (IBC).

The VRIN system will apply to all valuation reports dated on or after August 12. In consultation with Registered Valuers Organisations (RVOs), the IBBI has developed an online module accessible through its website for VRIN generation. Registered valuers and valuer entities must generate this unique number and include it on the front page of their reports. Additionally, the IBBI website will have a facility for stakeholders to verify the report's authenticity using the VRIN. Insolvency Professionals (IPs) have been instructed not to accept any valuation reports without a VRIN.

(With inputs from agencies.)