IBBI Cancels Registration of Valuer for Non-Compliance with Eligibility Norms Under Valuation Rules
Court / Authority
Insolvency & Bankruptcy Board
Update / Judgement Date
22 Aug 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
2 min read
View Count
Key Facts and Findings
The Insolvency and Bankruptcy Board of India (IBBI) has cancelled the registration of Mr. Purnabrat Shankar Das, a registered valuer in the asset class of plant and machinery, for failure to meet mandatory eligibility conditions under the Companies (Registered Valuers and Valuation) Rules, 2017.
The action follows a Show Cause Notice issued in November 2025 based on disciplinary findings of the IOV Registered Valuers Foundation (IOV-RVF), which had expelled the valuer from its membership in December 2024. Membership of a registered valuers organisation is a mandatory condition for registration under Rule 3 read with Rule 7 of the Valuation Rules.
The IBBI noted that the valuer failed to comply with regulatory requirements, including non-payment of membership fees, non-submission of returns, and failure to meet continuing professional education obligations. Despite being granted an opportunity to respond and additional time to restore membership, no evidence of compliance was furnished.
The valuer cited medical reasons and sought deferment of action; however, the Authority found no material basis to keep proceedings in abeyance.
Holding that the valuer ceased to satisfy the eligibility criteria upon expulsion from the registered valuers organisation, the IBBI exercised its powers under Rule 15 and Rule 17 to cancel the registration with immediate effect.
The order clarifies that fresh registration may be sought upon obtaining valid membership of a registered valuers organisation in accordance with applicable rules.
Full Judgement / Attachment
Full Judgement
Frequently asked questions about Insolvency & Bankruptcy Board
- What is the IBBI?
- The Insolvency and Bankruptcy Board of India, set up on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016 (IBC), regulates insolvency professionals, insolvency professional agencies, information utilities and registered valuers. It also frames the regulations for insolvency processes.
- When can insolvency be started against a company?
- A financial creditor, an operational creditor or the company itself can apply to the National Company Law Tribunal (NCLT) once there is a default of at least ₹1 crore. On admission, a moratorium starts and an interim resolution professional takes charge.
- How long does the corporate insolvency process take?
- The Code provides 180 days for the corporate insolvency resolution process (CIRP), extendable up to an overall limit of 330 days, including time spent in litigation. In practice, many cases take longer. The IBC (Amendment) Act, 2026, largely in force from 26 May 2026, requires the NCLT to decide admission applications within 14 days and to record reasons for any delay.
- Where can an NCLT insolvency order be appealed?
- An appeal lies to the National Company Law Appellate Tribunal (NCLAT) within 30 days, extendable by up to 15 days for sufficient cause. A further appeal lies to the Supreme Court on a question of law.
- How can White Collar Professional help with a insolvency matter?
- Post your requirement on White Collar Professional to receive proposals from verified Insolvency Professionals, Chartered Accountants and Advocates, compare them, and pay securely through the platform. This page also tracks the latest insolvency IBC and IBBI updates as they are reported.
