The Insolvency and Bankruptcy Board of India (IBBI), by order dated 17 February 2026, cancelled the registration of a registered valuer in the asset class of Land and Building under the Companies (Registered Valuers and Valuation) Rules, 2017. The action followed a show cause notice issued under Rules 15 and 17 after the Disciplinary Committee of the IOV Registered Valuers Foundation had expelled him for non-payment of membership fees, non-submission of returns, and non-compliance with continuing professional education requirements. Under Rule 3 read with Rule 7, continuous membership of a recognised Registered Valuers Organisation is a mandatory eligibility condition. The valuer neither replied to the show cause notice nor expressed intent to continue practice, instead requesting cancellation due to age and cessation of work. Holding that loss of RVO membership rendered him ineligible, the Authority cancelled his registration with immediate effect and disposed of the proceedings.
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
[Authority delegated by the Central Government vide notification no. GSR 1316(E) dated 18.10.2017 under section 458 of the Companies Act, 2013 read with rule 2(1)(b) of the Companies (Registered Valuers and Valuation) Rules, 2017]
Order No. IBBI/Valuation/Disc./41/2026 | Dated: 17 February 2026
ORDER
This Order disposes the Show Cause Notice (SCN) No. RV-13011/1/2023-IBBI/410/1789, dated 28th November 2025 issued to Mr. P Natarajan (RV) under rule 17 read with rule 3 and rule 7 of the Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules). Mr. P Natarajan is registered with IBBI as a valuer of Land and Building with the registration number IBBI/RV/02/2018/10382.
1. Issuance of Show Cause Notice (SCN) and hearing before this Authority.
1.1 Rule 17(1) of the Valuation Rules provides that based on material available on record, if the authorised officer is of the prima facie opinion that sufficient cause exists to cancel or suspend the registration of a valuer, it shall issue a show cause notice to the valuer.
1.2 The Board has taken on record the order dated 23.12.2024 of the Disciplinary Committee (DC) of the IOV Registered Valuers Foundation (IOV- RVF) against Mr. P Natarajan vide which the DC has expelled Mr. P Natarajan as a member of Registered Valuer Organisation on the ground that Mr. P Natarajan has violated Rule 11 and Rule 16 of Annexure III and Rule 12(2)(e) of Valuation Rules.
1.3 Upon consideration of the material available on record, SCN dated 28.11.2025 was issued under rule 17 of the Valuation Rules to Mr. P Natarajan for contravention of the provisions of the Rules and the Model Code of Conduct for Registered Valuers and sought for his written reply by 13.12.2025. However, Mr. P Natarajan did not respond to the SCN and the matter was referred to this Authority for disposal of the SCN. When Mr. P Natarajan was contacted on call for fixing date for personal hearing by the Authority, he informed that he has stopped doing the valuation work and requested to cancel his registration as Registered Valuer. Accordingly, based on the documents available on record, this Authority disposes of the present SCN in accordance with the Valuation Rules.
2. Examination of contraventions alleged in the SCN
The contravention alleged in the SCN, the response of Mr. P Natarajan and the findings of this Authority are summarised as follows:
2.1 Rule 3 of the Valuation Rules which deals with the requisite eligibility criteria for a registered valuer which provides as that:
“3. Eligibility for registered valuers. – (l) A person shall be eligible to be a registered valuer if he –
a. is a valuer member of a registered valuers organisation;…….
Further Rule 7 of the Valuation Rules which deals with the conditions of registration as a valuer 7. Conditions of Registration. -The registration granted under Rule 6 shall be subject to the conditions that the valuer shall –
a. at all times possess the eligibility and qualification and experience criteria as specified under Rule 3 and Rule 4;
b. at all times comply with the provisions of the Act, these Rules and the Byelaws or internal regulations, as the case may be, of the respective registered valuers organisation.”
2.2 In terms of Rule 7(a) of the Valuation Rules, the registration granted to Mr. P Natarajan is subject to the condition that Mr. P Natarajan shall at all times possess the eligibility and qualification and experience criteria as specified under Rule 3 and Rule 4. Further, in terms of Rule 15 of the Valuation Rules, the registration of a valuer may be cancelled or suspended by the Authority for violation of the provisions of the Valuation Rules.
2.3 In view of the above provisions and keeping in view of Mr. P Natarajan’s expulsion by IOV-RVF in which Mr. P Natarajan has been enrolled as a professional member, Mr. P Natarajan is ineligible to continue as a registered valuer.
Submission of Mr. P Natarajan.
2.4 Mr. P Natarajan did not submit any reply to the SCN. However, vide email dated 16.02.2026, Mr. P Natarajan informed this Authority that has stopped doing the valuation work and requested to cancel his registration as Registered Valuer and informed as follows:
“I have stopped doing valuation due to my age. Hence I request that the registration with IBBI may be cancelled.”
Findings of this Authority.
2.5 In terms of Rule 3 of the Valuation Rules, 2017, a person is eligible to act as a registered valuer only if he is a valuer member of a registered valuers organisation. Further, Rule 7 of the Valuation Rules mandates that a registered valuer shall, at all times, continue to possess the eligibility criteria prescribed under the Rules and shall comply with the provisions of the Act, the Valuation Rules, and the byelaws of the concerned registered valuers organisation.
2.6 Since, Mr. P Natarajan failed to comply with the byelaws and regulatory framework of IOV Registered Valuers Foundation (IOV-RVF), including non-payment of membership fees, non-submission of prescribed returns, and non-compliance with continuing professional education requirements. IOV Registered Valuers Foundation (IOV-RVF) issued a Show Cause Notice dated 03.10.2023 to Mr. P Natarajan for contravention in non-payment of membership fees, non-submission of prescribed returns, and non-compliance with continuing professional education requirements
2.7 As observed from the order dated 23.12.2024 of DC of IOV-RVF, Mr. P Natarajan had submitted the following before the (IOV-RVF) DC –
“As I am not practicing and not interested in doing the Valuation. Hence, I am not proceeding with my COP”..”
2.8 The DC of IOV-RVF after noting the above submissions, expelled Mr. P Natarajan vide order dated 23.12.2024 on the grounds that Mr. P Natarajan failed to comply with the byelaws and regulatory framework of IOV Registered Valuers Foundation (IOV-RVF), including non-payment of membership fees, non-submission of prescribed returns, and non-compliance with continuing professional education requirements. Consequently, Mr. P Natarajan ceased to be a valuer member of a registered valuers organisation and thereafter does not possess the eligibility conditions under Rule 3 read with Rule 7 of the Valuation Rules.
2.9 This Authority further notes from the afore-mentioned communication dated 16.02.2026 of Mr. P Natarajan that he has stopped doing valuation due to his age and hence, requested to cancel his registration. This Authority also notes that Mr. P Natarajan has earlier before the IOV-RVF had submitted that he is not interested in doing the valuation work, and even during the proceedings before this Authority has not shown any willingness to continue his membership with IOV-RVF. As noted earlier, the membership of an RVO is a necessary eligibility condition for registration as valuer. Therefore, this Authority finds that Mr. P Natarajan is not eligible to continue his registration as a valuer with IBBI.
3. Order.
3.1. In view of the above, the Authority, in exercise of powers conferred vide notification of Central Government no. GSR 1316(E) dated 18.10.2017 under Section 458 of the Companies Act, 2013 and in pursuance of rule 15 and rule 17 of the Companies (Registered Valuers and Valuation) Rules, 2017, hereby cancels the registration of Mr. P Natarajan as Registered Valuer in the asset class Land and Building having Registration No. IBBI/RV/02/2018/10382.
3.2. Since, IOV-RVF DC vide order dated 23.12.2024 had already expelled Mr. P Natarajan as its member, making him ineligible to practice as a registered valuer from such date. Also, as observed earlier, Mr. P Natarajan has expressed his unwillingness to continue as a registered valuer. In view thereof, this order shall come into force with immediate effect.
3.3. A copy of this order shall be forwarded to IOV Registered Valuers Foundation where Mr. P Natarajan was earlier enrolled as a member.
3.4. Accordingly, the show cause notice is disposed of.
Sd/-
(Sandip Garg)
Whole Time Member
Insolvency and Bankruptcy Board of India
Dated:17.02.2026
Place: New Delhi
