Section 3(1) in Insolvency And Bankruptcy Board Of India (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019
(1)An insolvency professional shall be eligible to be appointed as a bankruptcy trustee for a bankruptcy process, if-(a)he, the insolvency professional entity of which he is a partner or a director, and all the partners and directors of the said insolvency professional entity are independent of the guarantor;(b)he is not subject to any ongoing disciplinary proceeding or a restraint order of the Board or of the insolvency professional agency of which he is a professional member; and(c)the insolvency professional entity of which he is a partner or a director, or any other partner or director of such insolvency professional entity does not represent any party in the bankruptcy process.Explanation. - For the purposes of this sub-regulation, a person shall be considered independent of the guarantor, if he-(a)is not an associate of the guarantor;(b)is not a related party of the corporate debtor; and(c)has not acted or is not acting as interim resolution professional, resolution professional or liquidator in respect of the corporate debtor.
