Section 29 in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
29. The Agency may refuse to accept the surrender of membership by any professional member if -
(a)there is any grievance or disciplinary proceeding pending against the professional member before the Agency or the Board; or(b)the professional member has been appointed as a resolution professional, liquidator or bankruptcy trustee for a process under the Code, and the appointment of another insolvency professional may be detrimental to such process.
