Resolution professional eligibility turns on independence from the corporate debtor and disclosure obligations throughout insolvency resolution. Eligibility for appointment as an interim resolution professional or resolution professional in a corporate insolvency resolution process depends on the insolvency professional, and all partners and directors of the insolvency professional entity, being independent of the corporate debtor. Independence excludes related parties and persons connected with the debtor's auditors, secretarial auditors, cost auditors, or qualifying legal or consulting firms. The regulation also requires disclosures at appointment and thereafter, and prohibits continuation where the insolvency professional entity or its other partners or directors represent any other stakeholder in the same process.
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.
Resolution professional eligibility turns on independence from the corporate debtor and disclosure obligations throughout insolvency resolution.
Eligibility for appointment as an interim resolution professional or resolution professional in a corporate insolvency resolution process depends on the insolvency professional, and all partners and directors of the insolvency professional entity, being independent of the corporate debtor. Independence excludes related parties and persons connected with the debtor's auditors, secretarial auditors, cost auditors, or qualifying legal or consulting firms. The regulation also requires disclosures at appointment and thereafter, and prohibits continuation where the insolvency professional entity or its other partners or directors represent any other stakeholder in the same process.
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