2.11.13:Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017
13. Disposal of Show-cause notice.
(1) The Disciplinary Committee, after providing an opportunity of being heard to the noticee, shall dispose of the show-cause notice by a reasoned order.
(3) The order under sub-regulation (1) may provide for-
(a) closure of show-cause notice without any direction;
(c) any of the actions under sub-sections (2), (3) and (4) of section 220;
(d) a reference to the Board to take any action under sub-section (5) of section 220 or sub-section (2) of section 236; or
(e) any other action or direction as may be considered appropriate.
(4) The order under sub-regulation (1) shall not become effective until thirty days have elapsed from the date of issue of the order, unless the Disciplinary Committee states otherwise in the order along with the reasons for the same.
The order under sub-regulation (1) shall be issued to the noticee immediately, and be published on the website of the Board.
If the order under sub-regulation (1) suspends or cancels the registration of a service provider, the Disciplinary Committee may, if it considers fit, require the service provider to- (a) discharge pending obligations, if any; (b) continue its functions till such time as may be directed, only to enable clients to shift to another service provider; and (c) comply with any other directions.