2.11.11:Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

11. Consideration of Report.

(1) The Board shall consider the inspection report received under regulation 6 or investigation report received under regulation 10, as the case may be, expeditiously.

(2) If the Board, after consideration of the report under sub-regulation (1) , is of the prima facie opinion that sufficient cause exists to take actions under section 220 or subsection (2) of section 236, it shall issue a show-cause notice in accordance with regulation 12 to the service provider or an associated person and in any other case, close the inspection or investigation, as the case may be.