Liquidation Process Regulation 7 of IBBI (Liquidation Process) Regulations, 2016 – Appointment of professionals

The Insolvency and Bankruptcy Code, 2016 IBBI (Liquidation Process) Regulations, 2016 Chapter-III Powers and Functions of Liquidator Regulation […]

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The Insolvency and Bankruptcy Code, 2016

IBBI (Liquidation Process) Regulations, 2016

Chapter-III Powers and Functions of Liquidator

Regulation 7: Appointment of professionals.

7. (1) A liquidator may appoint professionals to assist him in the discharge of his duties, obligations and functions for a reasonable remuneration and such remuneration shall form part of the liquidation cost.

(2) The liquidator shall not appoint a professional under sub-regulation (1) who is his relative, is a related party of the corporate debtor or has served as an auditor to the corporate debtor in the five years preceding the liquidation commencement date.

(3) A professional appointed or proposed to be appointed under sub-regulation (1) shall disclose the existence of any pecuniary or personal relationship with any of the stakeholders, or the concerned corporate debtor as soon as he becomes aware of it, to the liquidator.



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