Regulation 3 - Eligibility for resolution professional.

Independence requirement for resolution professionals mandates disqualification for related or materially tied parties and requires disclosures.

Eligibility to be appointed as an interim resolution professional or resolution professional requires independence of the individual and all partners and directors of his insolvency professional entity, defined by capacity to be an independent director, absence of related-party status, and no employment or ownership ties with auditing or legal/consulting firms that had material transactions with the corporate debtor in the prior three financial years. The proposed resolution professional must give written consent in Form AA where required, make disclosures under the Code of Conduct, and must cease to act if the insolvency professional entity or any partner or director of it represents any other stakeholder in the same corporate insolvency resolution process.