Insolvency Board mandates to provide unique ID to each valuation report

The Insolvency and Bankruptcy Board of India will provide a unique identification number for each valuation report prepared under the insolvency law to ensure authenticity, the board said in a circular on Monday. IBBI is the designated authority for registration, monitoring and development of valuers under the Companies Act, 2013. As per the current practice, Registered Valuer (RV)/ Register Valuers Entity (RVE) submit the valuation reports with or without mentioning any reference number leading to potential issues concerning verification. "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," the IBBI circular said. Further, the IBBI in consultation with Registered Valuers Organisations has developed an online module which can be accessed through its official website, for the generation of VRINs.