Ashok Kumar Gaur, J.:— Learned counsel for the petitioners submitted that the petitioner Nos. 2 to 7 are members of the petitioner No. 1-Society.
2. Learned counsel submitted that the petitioner Nos. 2 to 7 are registered valuers under Section 34-AB of the Wealth Tax Act, 1957 (hereinafter referred to as ‘the Act of 1957’).
3. Learned counsel further submitted that under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest, Act 2002 (hereinafter referred to as ‘the SARFAESI Act, 2002’), the definition of approved valuer has been provided under Rule 2(d) of the SARFAESI Act, 2002 which provides that those persons who are registered as valuer under Section 34AB of the Act of 1957 are recognized as approved valuer under the SARFAESI Act, 2002 to carry out valuation of the assets offered as security to the Bank.
4. Learned counsel submitted that the Reserve Bank of India has already issued guidelines regarding valuation of the properties and empanelment of valuers and as such guidelines also take into account, the registered valuers under the Act of 1957.
5. Learned counsel further submitted that largest Bank of India i.e. State Bank of India has also issued guidelines for empanelment of valuers and they also follow the approved valuer registered under the Act of 1957.
6. Learned counsel submitted that the petitioner Nos. 2 to 7. have been empanelled as approved valuers by respondent No. 1 Small Industries Development Bank of India (for short ‘SIDBI’).
7. Learned counsel submitted that by the impugned orders now all the petitioner Nos. 2 to 7 have been asked to compulsorily get themselves registered as valuers with the Insolvency and Bankruptcy Board of India (IBBI) and furnish the IBBI Registration Certificate upto 30 June, 2021, as per the requirement under the Companies (Registered Valuers & Valuation) Rules, 2017 (hereinafter referred to as ‘the Rules of 2017’).
8. Learned counsel submitted that the Rules of 2017 applies for valuation in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets or net worth of a company or its liabilities under the provision of the Act or these rules.
9. Learned counsel submitted that insistence of the respondent-Bank to get registered under the Rules of 2017 is not warranted under the law and as such the policy, which has been framed for empanelment of valuers by the respondent-Bank, is without any sanction of law.
10. Learned counsel further submitted that the impugned notice/mails, which have been sent to the petitioner Nos. 2 to 7, have clearly instructed that last date for registration certificate is upto 30 June, 2021, failing which, the petitioners would be removed from the panel of valuers from the respondent-Bank.
11. Issue notice of the writ petition as well as stay application, returnable on 26 July, 2021. Notices be given ‘dasti’ if prayed.
12. In the meanwhile, the respondents are restrained to remove the petitioner Nos. 2 to 7 as valuers on the ground of not having any registration in SIDBI by 30 June, 2021.
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