TMI BlogInsolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... to amend the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 , namely: - 1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 (hereinafter referred to as the principal regulations ), in regulation 2 , in sub- regulation (1), (i) in clause (i), the word and shall be omitted. (ii) in clause (j), after the word information utility the mark . shall be replaced with mark and word ; and . (iii) aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Chapter-III. CHAPTER III-B INTERIM ORDER ON MATERIAL AVAILABLE ON RECORD 10B. Interim order on material available on record. (1) If based on material available on record, the Board is satisfied that prima facie, there is a violation of the provisions of the Code or the rules or regulations made thereunder by the service provider, and an immediate action under sub-section (2) of section 220 is warranted, the Board shall refer the matter to the Disciplinary Committee for an appropriate action. (2) On consideration of the matter referred under sub-regulation (1), the Disciplinary Committee may pass an interim order with appropriate directions. (3) The interim order referred to sub-regulation (2) shall lapse on ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be substituted: (2) The Disciplinary Committee shall endeavour to dispose of the show-cause notice within a period of thirty-five days of the date of the issuance of the show-cause notice. 11. In the principal regulations, in regulation 13 , in sub-regulation (3), after clause (b), the following clause shall be inserted, namely: - (ba) suspension or cancellation of authorisation for assignment of an insolvency professional; 12. In the principal regulations, in regulation 13 , for the sub-regulation (5), the following sub-regulation shall be substituted, namely: (5) The order passed under sub-regulation (1) shall be served upon the service provider in an electronic form and be published on the website of the B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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