Regulation 3 - Eligibility of bankruptcy trustee

Bankruptcy trustee eligibility requires independence and disclosure, including audit remuneration disclosure and written consent for appointment.

Eligibility to act as a bankruptcy trustee requires that the insolvency professional and his professional entity be independent of the guarantor, not be subject to ongoing disciplinary proceedings or restraint orders, and not have the entity's partners or directors represent any party in the bankruptcy process. A trustee who was auditor of the guarantor must disclose year wise audit remuneration to the committee, and an insolvency professional must provide written consent in Form A to the Adjudicating Authority before appointment.