Definitions

(1)

In these Rules, unless the context otherwise requires-

(a)

“Act” means the Companies Act, 2013 (18 of 2013);

(b)

“authority” means an authority specified by the Central Government under section 458 of the Companies Act, 2013 to perform the functions under these rules;

(c)

“asset class” means a distinct group of assets, such as land and building, machinery and equipment, displaying similar characteristics, that can be classified and requires separate set of valuers for valuation;

(d)

“certificate of recognition” means the certificate of recognition granted to a registered valuers organisation under sub-rule (5) of rule 13 and the term “recognition” shall be construed accordingly;

(e)

“certificate of registration” means the certificate of registration granted to a valuer under sub-rule (6) of rule 6 and the term “registration” shall be construed accordingly;

(f)

“partnership entity” means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);

(g)

“Annexure” means an annexure to these rules;

(h)

“registered valuers organisation” means a registered valuers organisation recognised under sub-rule (5) of rule 13;

(i)

“valuation standards” means the standards on valuation referred to in rule 18; and

(j)

“valuer” means a person registered with the authority in accordance with these rules and the term “registered valuer” shall be construed accordingly.

(2)

Words and expressions used but not defined in these rules, and defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014, shall have the same meanings respectively assigned to them in the Act or in the said rules.

Notes, amendments & references (1)

Central Government have delegated powers under section 247 to the Insolvency and Bankruptcy board of India vide notification dated 23.10.2017. To view the notification, Click Here