Eligibility for resolution professional requires independence from the corporate debtor and prohibition on conflicting representations. An insolvency professional and all partners and directors of their insolvency professional entity must be independent of the corporate debtor and give consent in Form P1 to be appointed; independence is negated by being a related party, by ineligibility for appointment as an independent director where applicable, or by key relationships with auditor, legal or consulting firms that had material transactions with the corporate debtor. A resolution professional who is a partner or director of an insolvency professional entity is ineligible to continue if that entity or its partners or directors represent any 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.
Eligibility for resolution professional requires independence from the corporate debtor and prohibition on conflicting representations.
An insolvency professional and all partners and directors of their insolvency professional entity must be independent of the corporate debtor and give consent in Form P1 to be appointed; independence is negated by being a related party, by ineligibility for appointment as an independent director where applicable, or by key relationships with auditor, legal or consulting firms that had material transactions with the corporate debtor. A resolution professional who is a partner or director of an insolvency professional entity is ineligible to continue if that entity or its partners or directors represent any stakeholder in the same process.
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