The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of a Registered Valuer for a period of two years for lack of due diligence in the valuation of assets worth Rs. 1000 crore.
A registered valuer of Land and Building, was appointed to value the assets of M/s. Jeypore Sugar Company Limited (Corporate Debtor) during its Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation process. In his initial valuation report, valued the assets situated at Rayagada at Rs. 1090.54 crore. However, in a subsequent revised report, he excluded these assets from valuation entirely, stating their value “could not be determined,” despite no material change in facts or legal opinions to…