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        IBC

        Regulation 7 - Appointment of professionals

        Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
        Chapter III
        POWERS AND FUNCTIONS OF LIQUIDATOR

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        Liquidator appointments limited by conflict rules; remuneration forms liquidation cost and professionals must disclose relationships. A liquidator may appoint professionals for reasonable remuneration that forms part of the liquidation cost; appointments are prohibited where the professional is a relative of the liquidator, a related party of the corporate debtor, or has served as the corporate debtor's auditor in the five years before liquidation commencement; appointed or proposed professionals must promptly disclose any pecuniary or personal relationship with stakeholders or the corporate debtor to the liquidator.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                        Provisions expressly mentioned in the judgment/order text.

                            Liquidator appointments limited by conflict rules; remuneration forms liquidation cost and professionals must disclose relationships.

                            A liquidator may appoint professionals for reasonable remuneration that forms part of the liquidation cost; appointments are prohibited where the professional is a relative of the liquidator, a related party of the corporate debtor, or has served as the corporate debtor's auditor in the five years before liquidation commencement; appointed or proposed professionals must promptly disclose any pecuniary or personal relationship with stakeholders or the corporate debtor to the liquidator.


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