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

2. Definitions.

(1) In these regulations, unless the context otherwise requires –

(a) “associated person” means a proprietor, partner, director, officer, or an employee of a service provider, a professional or a valuer engaged by a service provider or any other person acting for or on behalf of a service provider under inspection or investigation;

(b) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(c) “Disciplinary Committee” means a committee of whole time member(s) constituted by the Board  consisting of one or more persons as providedSubstituted vide Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here  under sub-section (1) of section 220 of the Code:

Provided that the whole time member(s)  person(s)Substituted vide Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here  in the Disciplinary Committee shall not be associated with the investigation or inspection;

Explanation: It is hereby clarified that “associated” shall mean involvement in the conduct of investigation or inspection or consideration of the investigation or inspection report or issuance of show cause notice;Inserted vide Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2025 dated 28.01.2025. To view the Notification, Click Here.

(d) “electronic form” shall have the same meaning as assigned to it in clause (r) of section 2 of the Information Technology Act, 2000 (21 of 2000);

(e) “Investigating Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the investigation of a service provider;

(f) “Inspecting Authority” means an officer or a team of officers of the Board, which has been directed by the Board, to conduct the inspection of a service provider;

(g) “noticee” means a service provider or an associated person who is alleged to have contravened any provision of the Code, or the rules, regulations or guidelines made thereunder;

(h) “record” means the books of accounts, registers, documents, call records and other records, whether maintained in electronic form or otherwise, of a service provider and its associated person;

(i) “section” means section of the Code; andOmitted vide  Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. dated 14.06.2022. To view the Notification, Click Here

(j) “service provider” means insolvency professional agency, insolvency professional, insolvency professional entity or information utility shall have the same meaning as assigned in clause (31A) of section 3 of the CodeSubstituted vide Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2026 dated 01.06.2026. To view the notification, Click Here,

(k)Inserted vide  Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. dated 14.06.2022. To view the Notification, Click Here “stakeholder” means a stakeholder as defined in clause (j) of sub-regulation (1) of regulation 2 of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017.

(2) The words and expressions used and not defined in these regulations, but defined in the Code, shall have the same meaning assigned to them in the Code.