Section 35(2) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
(2)[In cases not covered under sub-regulation (1) or where the liquidator is of the opinion that fresh valuation is requiredunder the circumstances, he shall within seven days] of the liquidation commencement date, appoint two registered valuers to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate debtor:Provided that the following persons shall not be appointed as registered valuers, namely: -(a)a relative of the liquidator;(b)a related party of the corporate debtor;(c)an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or(d)a partner or director of the insolvency professional entity of which the liquidator is a partner or director.
