Regulation 5 - Interim Inspection Report - Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

Interim Inspection Report 5. (1) The Inspecting Authority may submit an interim inspection report to the Board, if it considers appropriate, keeping in view the nature and progress of inspection. (2) The Inspecting Authority shall submit an interim inspection report, if required by the Board. (3) If the Board is satisfied from the interim inspection report that there is a gross violation of the provisions of the Code, or the rules, 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. (4) On consideration of the interim inspection report, the Disciplinary Committee may pass an interim order with appropriate directions to the service provider. (5) The interim order referred to sub-regulation (4) shall lapse on expiry of 90 days.