No, because it can be a specimen of an already identified species.

However, a description of a new species requires a holotip and more paratyps,to avoid the confusion of individuals with mutations or damages from a species already known with individuals of a new species.

Is there any cited specimen in the protologue?

If there is cited specimen then see the following example:

Ex.13. Baumann & al. (in J. Eur. Orch. 34: 176. 2006) designated an illustration cited in the protologue of Gymnadenia rubra Wettst. (1889) as “lectotype“. Because Wettstein also cited syntypes, which should have taken precedence, this designation was not in conformity with Art. 9.12 and must not be followed. The name was correctly lectotypified, designating one of the syntypes, by Baumann & Lorenz (in Taxon 60: 1775. 2011).

If there is no cited specimen then probably choosing the illustration is not contrary to the Code:

9.12 In lectotype designation, an isotype must be chosen if such exists, or otherwise a syntype if such exists. If no isotype, syntype or isosyntype (duplicate of syntype) is extant, the lectotype must be chosen from among the paratypes if such exist. If no cited specimens exist, the lectotype must be chosen from among the uncited specimens and cited and uncited illustrations that comprise the remaining original material, if such exist.

Thank You Subir Sir and Prof. Gheorghe

Dear Durgesh,

You have to check first the number of elements (specimens or illustrations) cited in the protologue. If there is only one specimen and one illustration, you have to choose one of them as the lectotype. If the specimen is partially damaged, you can choose the illustration as the lectotype and an epitype as interpretative type. The epitype should be a complete specimen that has the characters mentioned in the protologue, and that is stored in a proper herbarium. I suggest that, if possible, the epitype comes from the same region as the material mentioned in the protologue.

If this damaged herbarium specimen is the holotype, then there is no lectotype to be designed, whatever its state of concervation

consider selecting an Epitype.

If in the protologue more than one specimen / single gathering or more than on gathering is/are cited and also illustration provided by author or reference to illustration of other/s (cited as synonym) - then -  

In presence of original specimens and illustration, you have to give precedence to specimens as per ICN 2012, though the conditions of specimens are incomplete or partially damaged. You can select one incomplete or partially damaged specimen as lectotype and illustration as epitype, by giving explanation that the selected lectotype specimen is insufficient and does not exhibits the characters mentioned in the prtologue. In this case you can also select other good specimen (your own collection or others) as epitype, and then here the original illustration will be residual (remaining) syntype.

 If there is only one original specimen (incomplete or damaged) and illustration, then no need to select lectotype. The single specimen will be holotype and you can select illustration or other specimen as epitype by giving explanation that holotype specimen is insufficient and does not exhibits the characters mentioned in the prtologue.

 In some cases in protologue more than one specimen are cited and also illustration provided by author or reference to illustration of other/s, but after study it is found that only one original specimen is extant, then here the specimen will be obligatory holotype. If this holotype specimen is incomplete than you can select epitype.

 In some cases if only isosyntype/s specimen is/are extant, then you can select lectotype. If required epitype also.

What protologue says? if it has cited multiple specimens then no problem to designate the lectotype. Though, one specimen is damaged no issues choose next available. If there is a single specimen cited, and the specimen you found damaged and illustration is available better you designate specimen as lectotype and illustration as epitype as Dr. Sing suggested!