Resolution professional independence requirements govern appointment and continuing eligibility under insolvency process rules. An insolvency professional may be appointed as an interim resolution professional or resolution professional only if, subject to consent in the notified format, the professional and all partners and directors of the insolvency professional entity are independent of the corporate debtor. Independence requires eligibility to act as an independent director, absence of related-party status, and no disqualifying employment or partnership with the debtor's auditors, secretarial auditors, cost auditors, or specified legal or consulting firms. A resolution professional who is a director or partner of such an entity becomes ineligible to continue if the entity or any of its partners or directors represents any stakeholder in the same process.
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Provisions expressly mentioned in the judgment/order text.
Resolution professional independence requirements govern appointment and continuing eligibility under insolvency process rules.
An insolvency professional may be appointed as an interim resolution professional or resolution professional only if, subject to consent in the notified format, the professional and all partners and directors of the insolvency professional entity are independent of the corporate debtor. Independence requires eligibility to act as an independent director, absence of related-party status, and no disqualifying employment or partnership with the debtor's auditors, secretarial auditors, cost auditors, or specified legal or consulting firms. A resolution professional who is a director or partner of such an entity becomes ineligible to continue if the entity or any of its partners or directors represents any stakeholder in the same process.
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