Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter II BANKRUPTCY TRUSTEE
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Appointment of professionals: trustees may engage advisors with remuneration as process cost, subject to exclusions and disclosure. A bankruptcy trustee may appoint accountants, registered valuers, advocates or other professionals to assist in discharge of duties, with their reasonable remuneration forming part of the bankruptcy process cost; specified persons (relatives of the trustee, partners or directors of the trustee's insolvency professional entity, associates of the bankrupt, and related parties of the corporate debtor) are excluded. Before appointment the trustee must obtain disclosure from the professional of any pecuniary or personal relationship with creditors, the trustee, the corporate debtor or the bankrupt, and a prior exclusion of certain insolvency professionals has been omitted by notification.
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.
Appointment of professionals: trustees may engage advisors with remuneration as process cost, subject to exclusions and disclosure.
A bankruptcy trustee may appoint accountants, registered valuers, advocates or other professionals to assist in discharge of duties, with their reasonable remuneration forming part of the bankruptcy process cost; specified persons (relatives of the trustee, partners or directors of the trustee's insolvency professional entity, associates of the bankrupt, and related parties of the corporate debtor) are excluded. Before appointment the trustee must obtain disclosure from the professional of any pecuniary or personal relationship with creditors, the trustee, the corporate debtor or the bankrupt, and a prior exclusion of certain insolvency professionals has been omitted by notification.
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