An insolvency professional shall be eligible to be appointed as a liquidator for Voluntary Liquidation process if he and every partner or director of the insolvency professional entity of which he is a partner or directo

An insolvency professional shall be eligible to be appointed as a liquidator if he, and every partner or director of the insolvency professional entity of which he is a partner or director is independent of the corporate person. A person shall be considered independent of the corporate debtor, if he: (a) is eligible to be appointed as an independent director on the board of the corporate person under section 149 of the Companies Act, 2013, where the corporate person is a company; (b) is not a related party of the corporate person; or (c) has not been an employee or proprietor or a partner- (i) of a firm of auditors or secretarial auditors or cost auditors of the corporate person; or (ii) of a legal or a consulting firm, that has or had any transaction with the corporate person contributing ten per cent or more of the gross turnover of such firm, at any time in the last three years.