Regulation 5 - Disposal of application - Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017

Disposal of application 5. (1) The Board shall examine the application, and give an opportunity to the applicant to remove the deficiencies, if any, in the application. (2) The Board may require the applicant to submit, within reasonable time, additional documents or clarification that it deems fit. (3) The Board may require the applicant to appear, within reasonable time, before the Board in person, or through its authorised representative for clarifications required for processing the application. (4) If the Board is satisfied, after such inspection or inquiry as it deems necessary, that the applicant- (a) is eligible under Regulation 3; (b) has the technical competence and financial capacity required to function as an information utility; (c) has adequate infrastructure to provide services in accordance with the Code; (d) has in its employment, persons having adequate professional and other relevant experience, to provide services in accordance with the Code; and (e) has complied with the conditions of the certificate of registration, if he has submitted an application for renewal under Regulation 4(2) it may grant or renew a certificate of registration to the applicant as an information utility in Form B of the Schedule, within sixty days of receipt of the application, excluding the time given by the Board for removing the deficiencies, or presenting additional documents or clarifications, or appearing in person, as the case may be. (5) If, after considering an application made under Regulation 4, the Board is of the prima facie opinion that the registration ought not to be granted or ought not to be renewed, or be granted or renewed with additional conditions, it shall communicate the reasons for forming such an opinion within forty-five days of receipt of the application, excluding the time given by the Board for removing the deficiencies, presenting additional documents or clarifications, or appearing in person, as the case may be. (6) The applicant shall submit an explanation as to why its application should be accepted within fifteen days of the receipt of the communication under sub-regulation (5), to enable the Board to form a final opinion. (7) After considering the explanation, if any, given by the applicant under sub-regulation (6), 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 explanation. (8) The order rejecting an application for renewal of registration shall require the information utility to- (a) discharge any pending obligations; (b) continue its functions till such time as may be directed, to enable its users to transfer information stored with it to another information utility; and (c) comply with any other directions as considered appropriate.