2.16.18. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

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18. Purchase of assets by certain persons.

(1) The following persons shall not purchase or acquire any interest in the property of guarantor, directly or indirectly, without permission of the Adjudicating Authority –

(a) the resolution professional or any partner or director of the insolvency professional entity of which the resolution professional is a partner or director;

(b) any professional appointed by the resolution professional for the resolution process;

(d) any company where the guarantor or a creditor is a promoter or director;

(e) any associate of the guarantor, creditor or resolution professional.

(2) The Adjudication Authority may set aside purchase or acquisition made contrary to the provisions of this regulation and may make such order as it may deem fit.