Coordinator Valuer and Aggregated explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Until February 2026, a CIRP produced up to six valuation reports across three asset classes, and nobody's job was to make them consistent with each other. The CoC received three numbers and added them up.
The Coordinator Valuer exists to close that gap — and unlike much of the reform agenda discussed over the last two years, it is operational, not proposed.
The RP appoints two sets of registered valuers, each set holding one valuer per asset class. Within each set, one is designated the Coordinator Valuer and consolidates that set into a single enterprise value. The RP averages the two aggregated values and gives the CoC one number. For an MSME or a debtor with turnover up to ₹500 crore, the CoC may use a single valuer instead of two sets.
How the structure works
Two sets. Each set contains a Land and Building valuer, a Plant and Machinery valuer, and a Securities or Financial Assets valuer.
One coordinator per set. Within each set, one of the three is designated the Coordinator Valuer. They consolidate the other two reports — and their own — into a single, comprehensive enterprise value for that set.
What the coordinator must capture beyond the three asset-class figures: intangible synergies and going-concern assumptions that would otherwise fall outside any individual class — carry-forward losses, customer relationships, self-generated brand value, and similar items.
Then the average. The RP takes the average of the two aggregated fair values received from the two sets and places one figure before the CoC. Enterprise-level fair value →
Relief for smaller debtors
The dual-set structure carries obvious cost and time implications, and the framework recognises it.
Where the corporate debtor is an MSME, or has turnover of up to ₹500 crore, the CoC may at its discretion engage a single registered valuer instead of two.
That is a discretion, not a default. The CoC should record the basis on which it exercised it — the debtor's status, the proportionality reasoning — because the decision affects the robustness of the benchmark every plan is then measured against. MSME provisions under IBC →
When a third valuer is appointed
The threshold has been clarified alongside the structure.
A third valuer is appointed only where the variance between the fair value and liquidation value estimates of the two sets exceeds 25%. Within that threshold, the average of the two aggregated estimates is taken and reported.
So the comparison is now between two enterprise-level numbers, not between two valuers' views of the same asset class. That is a meaningful change: divergence caused by one class being treated differently now shows up inside a set, where the coordinator has to resolve it, rather than reaching the CoC unexplained. The 25% divergence rule →
What it asks of the coordinator
The role is materially more demanding than valuing a single class, and the accountability follows it.
A Coordinator Valuer must:
- look beyond their own asset class and form a view on enterprise-level synergies;
- reconcile inconsistent bases across the three reports — a plant valued on a scrap basis alongside a brand valued as a going concern cannot both stand; Going concern or realisable basis →
- identify double counting — productive capacity valued once as plant and again inside a cash flow supporting goodwill;
- identify gaps — assets falling between classes that nobody picked up;
- align forecasts so two valuers are not projecting different revenues for the same business;
- document the consolidation, so the CoC can see how the enterprise number was built from the parts.
That last point matters most in practice. A single aggregated figure is more usable than three, but only if the build-up behind it is visible. An enterprise value presented without its derivation is harder to challenge and harder to defend. Assumptions and sensitivity →
What it does not change
The asset-class valuers remain. The coordinator works from their reports; they are still the specialists and still registered per class. Registered valuer under IBC →
Physical verification still applies — mandatory for Land and Building and Plant and Machinery, and for Securities and Financial Assets wherever inventory forms part of the scope. Physical verification →
The RP still runs the process — appointment within the statutory window, the pre-valuation methodology meeting with the CoC, and confidentiality of the numbers from resolution applicants. CIRP valuation timeline →
Key takeaways
- Two sets of valuers, each with a designated Coordinator Valuer.
- The coordinator consolidates into one enterprise value per set.
- The RP averages the two and gives the CoC a single number.
- MSME or turnover up to ₹500 crore — the CoC may use a single valuer.
- Third valuer where variance between the two sets exceeds 25%.
- The coordinator must catch inconsistent bases, double counting and gaps.
- Show the build-up. A bare enterprise figure is not defensible.
Read next
- Synergies in Fair Value: The February 2026 Reform
- CIRP Valuation Timeline: Regulation 27 and 35 Step by Step
- The 25% Divergence Rule and the Third Valuation
- Valuation Under IBC: The Complete Guide
Disclaimer: Positions stated as on 5 September 2026 and reflect the February 2026 amendments to the CIRP and Liquidation Process Regulations. Verify the current text on ibbi.gov.in.