valid as on 26/11/2020

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

7. Investigation by the Board.

(1) The Board may conduct investigation of a service provider under section 218.

(2) The Board may, for the purposes of this regulation, by an order, direct an Investigating Authority to conduct an investigation of the affairs of the service provider and to report thereon to the Board.

(3) The order referred to in sub-regulation (2) shall contain the following particulars: –

(a) scope of investigation in terms of records, activities, places, and persons;

(b) composition of Investigating Authority;

(c) timelines for conducting investigation;

(d) reporting of progress in investigation;

(e) submission of interim investigation report, if any; and

(f) submission of investigation report.

(4) The Board and the Investigating Authority shall make every effort to keep investigation confidential and to cause the least burden on, or disruption to, the business of the service provider under investigation.

(5) The Board may, at any time, modify the order referred to under sub-regulation (2) to enlarge the scope of investigation or other terms of investigation, for reasons to be recorded in writing.


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