IBBI Valuation Guidelines 2026: Standardised Formats, Coordinating Valuer Framework & 23-Point Report Standard Under IBC

The Insolvency and Bankruptcy Board of India (IBBI) has issued Circular No. IBBI/RV/103/2026 dated June 15, 2026, specifying comprehensive Guidelines for Conducting Valuation Under the Insolvency and Bankruptcy Code, 2016 (the "Guidelines"). The circular, signed by B. Sankaranarayanan, General Manager, is addressed to all Registered Valuers, Registered Valuer Entities, Registered Valuer Organisations, Registered Insolvency Professionals, Registered Insolvency Professional Entities, and Registered Insolvency Professional Agencies. It comes into force with immediate effect and applies to all valuations conducted under the Code thereafter.

The Guidelines, set out in Annexure I of the circular, are divided into three parts: Part I (General Content — documentation, minimum report content, receivables parameters, and duties to Coordinating Valuer), Part II (Asset-Specific Valuation Report Formats for Land & Building, Plant & Machinery, and Securities or Financial Assets), and Part III (Guidelines for the Coordinating Valuer for determination of the Fair Value of the Corporate Debtor). This circular operationalises the mandate given by amendments to multiple IBBI regulations requiring valuers to prepare reports and maintain documentation "as per the format notified by the Board through circular."

📜 Background — Why IBBI Issued These Guidelines

Valuation reports under the Code are a critical input in every insolvency process — they determine the fair value used by the Committee of Creditors (CoC) to evaluate resolution plans, set liquidation benchmarks, and assess whether a resolution plan maximises value. However, the absence of a standardised format historically created inconsistency across valuers, asset classes, and processes. The Board has taken this step to address that gap directly.

📁 Part I — General Content: Documentation, Report Standards & Receivables

(a) Documentation Requirements

Every Registered Valuer must maintain a comprehensive written record of the valuation. Documentation is not merely a back-office exercise — it is the primary mechanism through which a valuer substantiates and demonstrates the soundness of their conclusions. The Guidelines require documentation to:

(b) Minimum Content of the Valuation Report — 23 Mandatory Items

Every valuation report prepared under the Code must contain at minimum the following 23 items. These apply across all asset classes and all IBC processes:

(c) Key Parameters for Valuing Receivables

Receivables — including trade receivables, loans, advances, and tax-related receivables — require special attention in IBC valuations. The Guidelines specify seven parameters that must be considered:

(d) Duties of Registered Valuers Towards the Coordinating Valuer

🏗️ Part II — Asset-Specific Valuation Report Formats

The Guidelines prescribe three separate valuation report formats — one for each asset class under the IBC valuation framework. Each format includes an Executive Summary followed by detailed sections. All three formats share the same 23-item minimum content structure from Part I, but add class-specific data requirements. Below is a comparison of the key asset-specific features of each format.

🔗 Part III — Coordinating Valuer: Fair Value of the Corporate Debtor as a Whole

Part III introduces a comprehensive framework for the Coordinating Valuer — the designated registered valuer responsible for integrating the three asset-class valuations into a single, holistic determination of the Fair Value of the Corporate Debtor (FVCD). This is the most significant new governance element in the Guidelines.

Scope of Work of the Coordinating Valuer

📋 Before vs. After: What These Guidelines Change

📊 Impact Analysis — Who Is Affected and What Changes

✅ Compliance Action Points

• ✅ Registered Valuers — Immediate template update: Revise all existing valuation report templates to incorporate the 23 mandatory minimum content items. Add the VRIN to the footer of every report page. Ensure templates for all three asset classes (L&B, P&M, Securities) include the Executive Summary table in the format specified in Part II.
• ✅ Zero-value and omission documentation: For every asset excluded from valuation or assigned a nil value, prepare a documented justification that will appear as a specific section in the report. This is now a mandatory item (item xx) — silence or unexplained omissions are non-compliant.
• ✅ Receivables checklist: For all assignments involving receivables, build a structured checklist covering the seven prescribed parameters: nature, credit risk/related party status, ageing, legal enforceability, past recovery record, macro/industry factors, and any other relevant parameter. Maintain this as part of the working paper documentation.
• ✅ CoC meeting minutes — mandatory annexure: All three asset-specific report formats now require minutes of meetings held with the Committee of Creditors to explain valuation methodology. Ensure these meetings are held, minuted, and the minutes annexed to the final valuation report.
• ✅ Coordinating Valuer engagement: Resolution Professionals must issue written engagement letters to the designated Coordinating Valuer covering all items specified in the Guidelines (scope, responsibilities, timeline, deliverables, confidentiality, special assumptions). The Coordinating Valuer must be designated early — not after individual asset reports are complete.
• ✅ Synergy and intangible assessment — Coordinating Valuer: Assess and document the synergistic adjustment 'S' in the FVCD formula. Review whether intangibles (brand, patents, licences, customer contracts, distribution networks, goodwill) are present and if so, assess their contribution to value. Clearly document the identification, recognition, and valuation basis for each intangible.
• ✅ Replacement cost disclosure: Where the cost approach is used for any asset class, disclose the asset-wise replacement cost as on the valuation date, in addition to fair value and liquidation value.
• ✅ Registered Valuer Organisations: Update IBBI-mandated training programmes, examination syllabi, and model templates to reflect the new format and documentation requirements. Members who are currently in active IBC assignments should be briefed that these guidelines apply to all valuations conducted after June 15, 2026.