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

According to Regulation 3 (1) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 , a person shall be considered independent of the corporate person, 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 - of a firm of auditors or secretarial auditors or cost auditors of the corporate person; or 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, in the last three years.