Govt planning new law for registered valuers

Government is planning a separate legislation for registered valuers so that they get a better valuation of bankrupt companies under the insolvency process. Speaking at CII conference on insolvency and bankruptcy code in Mumbai, Corporate affairs secretary Injeti Srinivas said proper valuers are the critical missing link in the process now as most of the insolvency professionals are poorly equipped being it a new area for them. He said the nascent insolvency and bankruptcy code is stabilising and it has a robust legal framework but the weak area is the lack of experience of the insolvency professionals. He said, 40 largest NPA accounts were sent to various National Company Law Tribunals (NCLTs) which together constitute around 40 per cent of over 11 trillion rupees of bad loans.