Independence and Impartiality

  • The Directors / Partners / Insolvency Professionals / Empanelled Professionals, will maintain complete independence in his professional relationships and will conduct the insolvency resolution, liquidation or bankruptcy process, as the case may be, independent of external influences.
  • In cases where theDirectors / Partners / Insolvency Professionals / Empanelled Professionals, will be dealing with assets of a debtor during liquidation or bankruptcy process, they will ensure that neither them nor their relatives do not knowingly acquire any such assets, whether directly or indirectly unless it is shown that there was no impairment of objectivity, independence or impartiality in the liquidation or bankruptcy process and the approval of the Board has been obtained in the matter.
  • The Directors / Partners / Insolvency Professionals / Empanelled Professionals, will not take up an assignment under the Code if they, any of their relatives, are not independent, in terms of the Regulations related to the processes under the Insolvency and Bankruptcy Code, 2016, in relation to the corporate person/ debtor and its related parties.
  • The Directors / Partners / Insolvency Professionals / Empanelled Professionals, will disclose the existence of any pecuniary or personal relationship with any of the stakeholders entitled to distribution under sections 53 or 178 of the Insolvency and Bankruptcy Code, 2016, and the concerned corporate person/ debtor as soon as they becomes aware of it, by making a declaration of the same to the applicant, committee of creditors, and the person proposing appointment, as applicable.
  • The Directors / Partners / Insolvency Professionals / Empanelled Professionals, will not influence the decision or the work of the committee of creditors or debtor, or other stakeholders under the Insolvency and Bankruptcy Code, 2016, so as to make any undue or unlawful gains for them or their related parties, or cause any undue preference for any other persons for undue or unlawful gains and will not adopt any illegal or improper means to achieve any mala fide objectives.
 
     
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