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.
Inserted vide Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. dated 14.06.2022. To view the Notification, Click here