Bankruptcy trustee eligibility requires independence from the guarantor, no disciplinary restraint, disclosure, and prior written consent.

An insolvency professional is eligible for appointment as a bankruptcy trustee only if the professional, the insolvency professional entity, and all partners and directors are independent of the guarantor, are free from ongoing disciplinary proceedings or restraint orders, and do not represent any party in the bankruptcy process. Independence requires that the person is not an associate of the guarantor and is not a related party of the corporate debtor. A prior auditor of the guarantor must disclose year-wise remuneration, and written consent must be provided before appointment.

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