Section 5(1) in Insolvency And Bankruptcy Board Of India (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019
(1)A bankruptcy trustee may appoint accountants, registered valuers, advocates or other professionals, as may be necessary, to assist him in the discharge of his duties, obligations and functions for a reasonable remuneration and such remuneration shall form part of the bankruptcy process cost:Provided that the following persons shall not be appointed under this regulation, namely-(a)a relative of the bankruptcy trustee;(b)a partner or director of the insolvency professional entity of which the bankruptcy trustee is a partner or director;(c)an insolvency professional who has acted or is acting as an interim resolution professional, a resolution professional or a liquidator in respect of the corporate debtor;(d)an associate of the bankrupt;(e)a related party of the corporate debtor.
