2.10.40:Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

40. Surrender of registration.

(1) An information utility may submit an application for surrender of its certificate of registration to the Board, providing –

(a) the reasons for such surrender;

(b) details of its pending and on-going activities; and

(c) details of how the exit management plan shall be implemented.

(2) The Board shall within seven days of receipt of the application, publish a notice of receipt of such application on its website and invite objections to the surrender of registration to be submitted within fourteen days of the publication of the notice.

(3) After considering the application and the objections received, if any, the Board may, within thirty days from the last date for submission of objections, approve the application for surrender of registration subject to such conditions as it deems fit.

(4) The approval under sub-regulation (3) may require the information utility to-

(a) discharge any pending obligations; or

(b) continue such functions till such time as may be directed.

(5) The Board, after being satisfied that the requirements of sub-regulation (4) have been complied with, shall publish a notice on its website stating that the surrender of registration by the information utility has taken effect.