The notification revises the definition of ‘fair value’ to mean the estimated realizable value of the corporate debtor or its assets on the insolvency commencement date in an arm’s length transaction, after proper marketing, and computed by considering the total realizable value of all assets, including tangible, intangible assets and underlying synergies. Regulation 38 is amended to require appointment of “two sets” of valuers. Regulation 39 substitutes the valuation mechanism, mandating one registered valuer per asset class in each set, designation of a coordinating valuer, explanation of methodology to the committee, physical verification of assets, and averaging of estimates for fair and liquidation values.