CA Murli Chandak is an IBBI-registered valuer (Securities or Financial Assets) serving Chennai and Tamil Nadu companies across share valuation, ESOP, cross-border and insolvency engagements. This page focuses on the valuation requirements inside corporate insolvency, liquidation and personal guarantor cases — the wider range of company valuation work is set out under company valuation services.
Direct answer: Every corporate insolvency (CIRP), liquidation, pre-packaged insolvency and personal guarantor bankruptcy case before NCLT Chennai now runs on a materially rewritten valuation framework. Since 25 February 2026, CIRP and Liquidation cases require two full sets of IBBI-registered valuers — one valuer per asset class in each set, plus a coordinating valuer — unless the corporate debtor qualifies for the MSME exception introduced on 20 May 2026, in which case one set can suffice. Every report must now follow International Valuation Standards (mandatory from 1 April 2026) and the 23-item report format under Circular IBBI/RV/103/2026 (15 June 2026), carrying a Valuation Report Identification Number (VRIN) on every page. CA Murli Chandak is an IBBI-registered valuer for the Securities or Financial Assets asset class (IBBI/RV/07/2021/14408), engaged on Chennai and Tamil Nadu matters either directly for asset-light corporate debtors and personal guarantors, or as the Securities or Financial Assets member completing a resolution professional’s panel.
1. What “Registered Valuer” Means Under the IBC — and Which Asset Class a Chennai Case Needs
A registered valuer under the Insolvency and Bankruptcy Code, 2016 is a person registered with IBBI under Section 247 of the Companies Act, 2013 read with the Companies (Registered Valuers and Valuation) Rules, 2017. Registration is granted separately for one or more of three asset classes:
- Land and Building
- Plant and Machinery
- Securities or Financial Assets
Most manufacturing or industrial corporate debtors in and around Chennai — factories, plants, warehoused inventory — need valuers across all three classes to cover the balance sheet. Asset-light corporate debtors (holding companies, financial-services entities, group companies whose principal assets are investments, receivables, loans and advances, or shareholdings in other companies) may need only a Securities or Financial Assets valuer.
CA Murli Chandak is registered with IBBI for the Securities or Financial Assets asset class only (IBBI/RV/07/2021/14408). On a Chennai IBC matter, that means direct engagement covers investments, receivables, loans and advances, shareholdings and other financial assets of the corporate debtor or personal guarantor — not land, buildings, plant or machinery, which need a separately registered valuer in those classes. Where a resolution professional already has Land and Building and Plant and Machinery valuers in place and needs the Securities or Financial Assets member to complete the panel, that is exactly the gap CA Murli Chandak fills.
2. The 2026 Valuation Overhaul — What Changed and When
IBBI has rewritten the valuation framework across every insolvency process in three waves since February 2026. The table below sets out what changed, in what instrument, and from what date — useful as a standing reference for any Chennai resolution professional, liquidator or CoC member checking whether a valuation already in hand meets the current standard.
| Date | Instrument | What changed |
|---|---|---|
| 12 Aug 2024 | Circular IBBI/RV/75/2024 | Introduced the Valuation Report Identification Number (VRIN); originally required on the front page of every IBC valuation report. |
| 25 Feb 2026 | CIRP (Amendment) Regulations 2026 (GN135) | Fair value redefined (Reg 2(hb)) to include underlying synergies; Reg 27(1) requires two sets of registered valuers within 7 days of the RP’s appointment, and in any case by day 47 from the insolvency commencement date; Reg 35 restructured around one valuer per asset class per set plus a coordinating valuer; new Reg 35(1A) requires a Board-notified report format. |
| 25 Feb 2026 | Parallel amendments to Liquidation (GN136), Voluntary Liquidation (GN137), Pre-Packaged Insolvency (GN138) and Personal Guarantor Bankruptcy (GN139) Regulations | The same Board-notified valuation-report-format requirement threaded into Liquidation Reg 35(8), PPIRP Reg 39(1A), Voluntary Liquidation Reg 3(1)(b) and Personal Guarantor Reg 30(5). |
| 1 Apr 2026 | Circular IBBI/RV/93/2026 | International Valuation Standards (IVS), as issued by the IVSC, made mandatory for every valuation conducted under the Code, effective immediately. |
| 19 May 2026 (effective 20 May 2026) | CIRP Second Amendment Regulations 2026 and Liquidation Third Amendment Regulations 2026 | MSME exception: a corporate debtor that qualifies as a Micro, Small or Medium Enterprise needs only one set of registered valuers, unless the committee directs two sets in writing for recorded reasons. |
| 8 Jun 2026 (gazetted 9 Jun 2026) | CIRP Fourth Amendment Regulations 2026 (GN153) | Widened CoC composition to include the 18 largest unrelated operational creditors and elaborated CIRP cost-approval procedure under Reg 31B — the companion reform that preceded the valuation guidelines below. |
| 15 Jun 2026 | Circular IBBI/RV/103/2026 | Comprehensive Guidelines for Conducting Valuation under the IBC: 23 mandatory items in every valuation report, VRIN required on every page (not just the front page), seven specified parameters for valuing receivables, standardised report formats for each asset class, and codified duties for asset-class valuers toward the coordinating valuer. |
A further round of changes is under discussion but not yet in force: IBBI’s discussion paper of 4 July 2026 (comments closed 22 July 2026) proposes CoC approval before appointing valuers, sealed-cover confidentiality for valuation reports until the resolution-plan stage, prescribed timelines for report submission, and removal of the fair value figure from the Information Memorandum. None of this is law as at the date of this article — treat it as a signal of direction, not as a current requirement.
3. Two Sets, One Set, or a Third — Working Out What a Chennai Case Needs
The default position under CIRP and Liquidation is two full sets of registered valuers. Within each set, one registered valuer is appointed for each asset class present in the corporate debtor, and one of them is designated the coordinating valuer for that set by the resolution professional in consultation with the committee. Both sets work independently, each producing its own fair value and liquidation value estimates.
The MSME exception (from 20 May 2026): if the corporate debtor qualifies as a Micro, Small or Medium Enterprise — a Udyam-registration question, in practice — only one set of valuers is required, unless the committee of creditors directs that two sets be appointed and records its reasons in writing. This is a meaningful change for Tamil Nadu, given how much of the state’s manufacturing base sits in the MSME bracket.
The third-set trigger: where the two sets’ fair value or liquidation value estimates differ by 25% or more — termed “significantly different” — the resolution professional may appoint a third set. The committee of creditors can also direct a third set for a separately recorded reason, even without a 25% divergence.
How the final figure is set: fair value of the corporate debtor is the average of the two closest estimates submitted by the coordinating valuers of each set; liquidation value is the average of the two closest per-asset-class estimates.
Where a Chennai or Tamil Nadu resolution professional’s panel still needs the Securities or Financial Assets member for either set, CA Murli Chandak is available to be appointed into that seat.
4. The Coordinating Valuer and the Fair Value Computation
Each set’s coordinating valuer has a defined role beyond simply being “the senior valuer.” Before any estimate is finalised, the resolution professional must facilitate a meeting where all registered valuers — including both coordinating valuers — explain their methodology to the committee of creditors. Each valuer then physically verifies the corporate debtor’s inventory and fixed assets within their asset class before submitting figures.
The coordinating valuer’s job is to bring the asset-class figures together into one corporate-debtor-level fair value, expressly capturing underlying synergies — the going-concern premium that a piecemeal, asset-by-asset total misses. Circular IBBI/RV/103/2026 formalises this as a computation — Fair Value of the Corporate Debtor equals the sum of the individual asset-class values plus a synergy component — and codifies a set of specific duties that asset-class valuers owe to their set’s coordinating valuer, covering matters such as timely data-sharing and methodology disclosure ahead of the CoC meeting. Where CA Murli Chandak is the Securities or Financial Assets valuer in a set, these are the duties his coordinating valuer can expect him to meet.
Need a Securities or Financial Assets valuer for a Chennai CIRP or liquidation panel? Send CA Murli Chandak the corporate debtor’s asset profile and the stage the case has reached, and you will receive a written answer from him on whether he fits the gap in your panel and what the engagement would cover. A consultation of up to 30 minutes with him is offered at no charge.
5. The 23-Item Report Standard and VRIN — What a Compliant Report Looks Like Now
Circular IBBI/RV/103/2026 (15 June 2026) is the single most important document for anyone checking whether a valuation report already in hand will survive scrutiny at the CoC or NCLT stage. It applies across CIRP, liquidation, voluntary liquidation, pre-packaged insolvency and personal guarantor bankruptcy, and sets out:
- A minimum of 23 specified content items that every IBC valuation report must contain, regardless of asset class.
- The Valuation Report Identification Number (VRIN) — introduced by Circular IBBI/RV/75/2024 on 12 August 2024, originally required only on the front page — now required on every page of the report.
- Seven specified parameters that must be addressed when valuing receivables, covering matters such as ageing and recoverability.
- Standardised, asset-class-specific report formats for Land and Building, Plant and Machinery, and Securities or Financial Assets.
- International Valuation Standards, mandatory since Circular IBBI/RV/93/2026 (1 April 2026), as the applicable methodology across all of the above.
For a Chennai resolution professional or CoC member, the practical test is simple: if a valuation report predates June 2026 and has not been checked against this circular, it is worth having it reviewed before it is relied on for a resolution plan or a liquidation sale. Reports CA Murli Chandak prepares for Chennai matters are built to this standard from the outset.
6. Valuation Requirements Across IBC Processes
The two-set, coordinating-valuer framework described above is specific to CIRP, with an equivalent structure carried into liquidation and pre-packaged insolvency. Voluntary liquidation and personal guarantor bankruptcy sit on different tracks. The comparison below sets out where each process currently stands.
| Process | Governing regulation | Valuer requirement | MSME position |
|---|---|---|---|
| CIRP (corporate insolvency) | Reg 27 & 35, CIRP Regulations 2016 (as amended) | Two sets of registered valuers, one per asset class per set, plus a coordinating valuer in each set | One set suffices from 20 May 2026 unless CoC directs otherwise in writing |
| Liquidation | Reg 35, Liquidation Process Regulations 2016 (as amended) | Two registered valuers appointed within 7 days of liquidation commencement where no earlier CIRP valuation can be used | Same MSME exception applies from 20 May 2026 |
| Voluntary liquidation | Reg 3(1)(b), Voluntary Liquidation Process Regulations 2017 (as amended) | A single valuation exercise; Board-notified report format now mandatory | Not applicable — voluntary liquidation is solvency-based, not tied to the MSME/CIRP framework |
| Pre-packaged insolvency (PPIRP) | Reg 39, PPIRP Regulations 2021 (as amended) | Same coordinating-valuer, asset-class-per-set structure as CIRP | PPIRP is itself restricted to MSME corporate debtors by eligibility, not by a separate exception |
| Personal guarantor bankruptcy | Reg 30, Personal Guarantor Regulations 2019 (as amended); Reg 6A inserted from 2 Jun 2026 | Valuation of the guarantor’s assets by a registered valuer, ordinarily a single valuer — not the two-set corporate framework | Not applicable — this is an individual, not a corporate debtor |
7. NCLT Chennai — Jurisdiction, Address and the Appeal Route
The National Company Law Tribunal, Chennai Bench has jurisdiction over insolvency and company-law matters for Tamil Nadu and Puducherry. Kerala and Lakshadweep were moved to the Kochi Bench with effect from 1 August 2018 and are no longer part of the Chennai Bench’s jurisdiction, notwithstanding older references that still group them together.
- NCLT Chennai Bench: Corporate Bhawan (UTI Building), 3rd Floor, No. 29 Rajaji Salai, Chennai – 600 001. Telephone 044-2526 2791 / 2526 2793; registry email registrar-chn@nclt.gov.in.
- Appeals go to the NCLAT Chennai Bench: 6th Floor, Ezhilagam Annex, Chepauk, Chennai – 600 005. The NCLAT bench’s own appellate jurisdiction is wider than the NCLT bench below it — it also hears appeals from NCLT Bengaluru, Kochi, Hyderabad and Amaravati — so do not assume the same Tamil Nadu-and-Puducherry-only boundary applies at the appellate stage.
A registered valuer’s involvement does not end at report submission. Reg 35(1)(b) requires valuers, including coordinating valuers, to personally explain their methodology to the committee of creditors before estimates are finalised, and valuation reports can be tested again at the resolution-plan approval stage or in a liquidation-sale challenge before the Tribunal. CA Murli Chandak scopes every Chennai and Tamil Nadu engagement against this bench’s filing requirements and the appeal route above.
8. Chennai and Tamil Nadu’s Distressed-Asset Landscape — Why the MSME Exception Matters Here
Tamil Nadu’s manufacturing base is unusually dense for an Indian state — automotive and auto-component clusters around Sriperumbudur, Oragadam, Ambattur and Irungattukottai, alongside long-established textile, leather and general engineering units, most of them structured as small and medium private companies. That composition makes the 20 May 2026 MSME exception more consequential in Chennai NCLT filings than in benches dominated by a handful of very large corporate debtors: a meaningful share of cases likely qualify for a single set of valuers rather than two, which changes both the cost and the timeline of the valuation exercise from the outset of the case.
9. Engaging CA Murli Chandak for a Chennai IBC Matter
An engagement with CA Murli Chandak for a CIRP, liquidation, PPIRP or personal guarantor matter is scoped narrowly and in writing before work begins:
- Asset class covered: Securities or Financial Assets — investments, receivables, loans and advances, shareholdings and similar financial assets of the corporate debtor or personal guarantor.
- Attendance at the CoC methodology meeting required under Reg 35(1)(b), where applicable.
- Verification appropriate to financial assets — documentary and recoverability verification rather than a physical site inspection, which is the domain of the Land and Building / Plant and Machinery valuers.
- Methodology applied under International Valuation Standards, as mandated since 1 April 2026.
- Report delivered in the 23-item format under Circular IBBI/RV/103/2026, carrying a VRIN on every page.
- Timeline held against the statutory windows — 7 days from the resolution professional’s appointment, and no later than day 47 from the insolvency commencement date, for CIRP; 7 days from commencement for liquidation.
What this engagement explicitly does not cover: Land and Building or Plant and Machinery valuation, which must be separately appointed. Where the assignment calls for a coordinating valuer role, or coordination alongside a resolution professional’s existing panel, that is agreed and scoped with CA Murli Chandak at the outset rather than assumed — sequencing this alongside the rest of a case is transaction advisory work as much as valuation work.
10. Experience Behind the Valuation
A fuller professional background is set out separately.
| Credential | Detail |
|---|---|
| Qualification | Fellow Chartered Accountant |
| Registration | Registered Valuer under Section 247 of the Companies Act, 2013, registered with IBBI for the asset class Securities or Financial Assets, registration number IBBI/RV/07/2021/14408 |
| Experience | More than 8 years in valuation practice |
| Volume and reach | More than 300 valuation assignments across more than 7 countries, including the United States |
| Business combinations | More than 15 purchase price allocations under Ind AS 103, and one under ASC 805 |
| Impairment | More than 30 impairment tests under Ind AS 36, and one under ASC 350 |
| Audit scrutiny | Assignments, including purchase price allocations, defended before Big Four audit teams |
| Funds | Debt and equity valuation for more than 10 Indian funds |
| Earlier practice | Formerly Partner at a chartered accountancy firm, with experience in bank statutory, concurrent and stock audits, due diligence and forensic assignments |
CA Murli Chandak’s registration can be verified independently on the IBBI register by searching the registration number above.
11. Frequently Asked Questions
Does every Chennai insolvency case now need two registered valuers?
Not automatically. Two sets remain the default under CIRP and liquidation, but a corporate debtor that qualifies as a Micro, Small or Medium Enterprise needs only one set from 20 May 2026, unless the committee of creditors directs otherwise in writing.
What is a “coordinating valuer” and who appoints one?
Within each set of registered valuers, the resolution professional — in consultation with the committee of creditors — designates one valuer as the coordinating valuer. That person integrates the asset-class-level fair values into a single corporate-debtor-level fair value, factoring in synergies.
Can one registered valuer value more than one asset class?
No. IBBI registration is granted per asset class, and a set under Reg 35 must include a separate registered valuer for each asset class the corporate debtor holds — Land and Building, Plant and Machinery, and Securities or Financial Assets are each valued by a valuer registered in that class.
Which asset class does CA Murli Chandak cover?
CA Murli Chandak covers Securities or Financial Assets only — investments, receivables, loans and advances, shareholdings and similar items. Land and Building and Plant and Machinery valuations need a separately registered valuer in those classes.
What happens if the two sets’ valuations differ significantly?
Where the fair value or liquidation value estimates differ by 25% or more, the resolution professional may appoint a third set of valuers; the committee of creditors can also call for a third set for a separately recorded reason.
What valuation standards apply to IBC valuations now?
International Valuation Standards, as issued by the IVSC, have been mandatory for every valuation conducted under the Code since Circular IBBI/RV/93/2026 took effect on 1 April 2026.
What must a compliant valuation report contain under the June 2026 guidelines?
A minimum of 23 specified content items, a VRIN on every page, methodology consistent with the standardised asset-class format, and — for receivables — explicit treatment of the seven parameters set out in Circular IBBI/RV/103/2026.
Does liquidation valuation follow the same two-valuer rule as CIRP?
Broadly yes. The Liquidation Process Regulations were amended in the same 25 February and 19-20 May 2026 rounds as CIRP, carrying across the two-valuer default, the MSME single-valuer exception, and the Board-notified report format.
How is a personal guarantor’s asset valuation different from a corporate debtor’s?
Personal guarantor bankruptcy under Reg 30 does not use the two-set corporate framework — valuation is ordinarily by a single registered valuer. The Board-notified report format requirement was added from 25 February 2026, and a wider set of changes to asset disclosure came into force on 2 June 2026.
Which NCLT bench hears Chennai and Tamil Nadu insolvency cases?
The NCLT Chennai Bench, with jurisdiction over Tamil Nadu and Puducherry, located at Corporate Bhawan (UTI Building), 3rd Floor, No. 29 Rajaji Salai, Chennai – 600 001.
How quickly must valuers be appointed once a CIRP begins?
The resolution professional must appoint the set(s) of registered valuers within 7 days of their own appointment, and in every case no later than the 47th day from the insolvency commencement date.
12. Speak to CA Murli Chandak
If a Chennai or Tamil Nadu CIRP, liquidation, pre-packaged insolvency or personal guarantor case needs a Securities or Financial Assets valuer, speaking with CA Murli Chandak is worth doing before the appointment deadline runs rather than after. Consultations of up to 30 minutes with him are offered at no charge.
CA Murli Chandak — FCA | IBBI-Registered Valuer (Securities or Financial Assets) | IBBI/RV/07/2021/14408
Website: murlichandak.com
Phone: +91 99985 39902
Email: murlichandak@murlichandak.com
Statutory positions verified against source on 7 August 2026. IBBI regulations, circulars and NCLT bench allocations change frequently; the position applicable to a particular case should be confirmed before relying on this page. This page is general information on Indian insolvency and valuation law and is not advice on any specific matter. Where a matter requires a legal opinion, specialist legal advice should be taken.
Related reading: Registered Valuer in Ahmedabad | Registered Valuer in Mumbai | Registered Valuer in Kolkata | Company Valuation Services | Advisory Services
