125. (1) If an insolvency professional is proposed as the bankruptcy
trustee in the application for bankruptcy under section 122 or section 123,
the Adjudicating Authority shall direct the Board within seven days of
receiving the application for bankruptcy to confirm that there are no
disciplinary proceedings pending against such professional. (2) The Board
shall within ten days of the receipt of the direction under sub-section (1)
in writing either-
(a) confirm the appointment of the proposed insolvency professional as the
bankruptcy trustee for the bankruptcy process; or
(b) reject the appointment of the proposed insolvency professional as the
bankruptcy trustee and nominate another bankruptcy trustee for the
bankruptcy process.
(3) Where a bankruptcy trustee is not proposed by the debtor or creditor
under section 122 or 123, the Adjudicating Authority shall direct the Board
within seven days of receiving the application to nominate a bankruptcy
trustee for the bankruptcy process.
(4) The Board shall nominate a bankruptcy trustee within ten days of
receiving the direction of the Adjudicating Authority under sub-section (3).
(5) The bankruptcy trustee confirmed or nominated under this section shall
be appointed as the bankruptcy trustee by the Adjudicating Authority in the
bankruptcy order under section 126.