2.3.8:Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016.
Refusal to grant certificate.
8. (1) If, after considering an application made under Regulation 6, the Board is of the prima facie opinion that the registration ought not be granted, it shall communicate the reasons for forming such an opinion and give the applicant an opportunity to explain why his application should be accepted, within fifteen days of the receipt of the communication from the Board, to enable it to form a final opinion.
(2) The communication under sub-regulation (1) shall be made to the applicant within forty five days of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarifications, or appearing in person, as the case may be.
(3) After considering the explanation, if any, given by the applicant under sub-regulation (1), the Board shall communicate its decision to-
(a) accept the application, along with the certificate of registration, or
(b) reject the application by an order, giving reasons thereof, within thirty days of receipt of the explanation.