Raghu owns a toy shop at the ground floor of his house in a remote village in the state of Chhattisgarh. He deals in selling toys for kids below 5 years. Due to short circuit in his house, all the toys were destroyed and

Raghu owns a toy shop at the ground floor of his house in a remote village in the state of Chhattisgarh. He deals in selling toys for kids below 5 years. Due to short circuit in his house, all the toys were destroyed and he could not recover any of them and suffered a huge loss. He used to purchase the toys from his savings as well as the borrowings from the local lenders. His total outstanding borrowings from the lenders were ₹39,000 including a loan amounting to ₹7,000, he obtained for his elder daughter for her studies. His annual income never exceeded ₹50,000 and only owns a house which is worth ₹20,000. He is also liable to pay a fine to the local court because of the electricity theft he committed 2 years back. Given his financial condition he has still not paid the said fine amounting to ₹5,900. He is now contemplating filing an application before the relevant adjudicating authority for a fresh start process. His wife who is a teacher in a local school has suggested him to nominate her brother Karan, resident of Raipur, to act as a resolution professional and assist Raghu in filing an application for fresh start process. During the discussions between Raghu and Karan, Karan mentioned that in one of the large case, disciplinary committee of the Insolvency and Bankruptcy Board of India has initiated proceedings against him. However, since this is a small case within the family, he can act as resolution professional. Considering the above facts, answer the following questions: (iii) Whether the contention of Karan to act as resolution professional is correct?