Regulation 5 - Appointment of professionals - Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

5. Appointment of professionals. (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; 1 [ **** ] (d) an associate of the bankrupt; (e) a related party of the corporate debtor. (2) Before appointing a professional under sub-regulation (1), the bankruptcy trustee shall obtain a disclosure of details of the existence of any pecuniary or personal relationship with any of the creditors, the bankruptcy trustee, the corporate debtor or the bankrupt, from the professional. *************** NOTES:- 1. Omitted vide Notification No. IBBI/2023-24/GN/REG108 dated 31-01-2024 before it was read as, (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;