Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022
The show cause notice shall provide fifteen (15) days to the notice to make their written submissions.
A show-cause notice shall be served on the service provider in electronic form at the email address provided by the service provider to the Board and a copy shall also be sent by registered post.
The Disciplinary Committee shall endeavour to dispose of the show-cause notice within a period of thirty-five days of the date of the issuance of the show cause notice.
An order of the DC can now also provide for suspension or cancellation of authorisation for assignment of an insolvency professional.
The Disciplinary Committee shall in the order passed require the service provider- (a) to discharge pending obligations, if any; (b) to continue its functions till such time as may be directed, only to enable stakeholders to shift to another service provider; and (c) to comply with any other directions.
The Board shall intimate the order to all the members of the committee of creditors of the insolvency resolution processes in which he is acting as an interim professional or resolution professional and to the Adjudicating Authority. resolution
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