Section 27(3) in Insolvency And Bankruptcy Board Of India (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019
(3)The following persons shall not purchase or acquire any interest in the property of bankrupt, directly or indirectly, without permission of the Adjudicating Authority-(a)the bankruptcy trustee or any partner or director of the insolvency professional entity of which the bankruptcy trustee is a partner or director;(b)any professional appointed by the bankruptcy trustee for the bankruptcy process;(c)any creditor or associate of the bankrupt; and(d)any company where the bankrupt or a creditor is a promoter or director.
