Liquidator independence required: criteria, mandatory disclosure of relationships, and disqualification if firm represents other stakeholders. Eligibility to serve as liquidator requires that the insolvency professional and every partner or director of their insolvency professional entity be independent of the corporate debtor, defined by eligibility as an independent director, absence of related party status, and no recent employment or partnership with auditors or legal/consulting firms that had substantial transactional turnover with the corporate debtor. The liquidator must disclose any pecuniary or personal relationship with the debtor or its stakeholders to the Board and the Adjudicating Authority and must not continue if the insolvency professional entity represents any other stakeholder in the same liquidation.