Regulation 5 - Eligibility norms for appointment as an Administrator - Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018

Eligibility norms for appointment as an Administrator. 5. (1) The Administrator shall be a person registered with the Insolvency and Bankruptcy Board of India as an Insolvency Resolution Professional and empanelled by the Board from time to time. (2) No person shall be appointed as an Administrator where such an appointment may be objected to on the grounds that give rise to justifiable doubts as to the independence or impartiality of such a person: Provided that any question involving issues of conflict of interest in the appointment of an Administrator shall be decided by the Recovery Officer. (3) The Administrator shall provide an undertaking to the Board of absence of any conflict of interest with the defaulter, its directors, promoters, key managerial personnel and its group entities. (4) The Administrator shall also forthwith disclose to the Board any conflict of interest which may come to his knowledge during his tenure: (5) For the purposes of these regulations, the Administrator shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code (45 of 1860) and sections 22 and 23 of the Act shall accordingly apply to him.