Regulation 8 - Refusal to grant certificate. - 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 1 [ its ] 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 2 [ thirty 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. ************** NOTES:- 1. Substituted vide Notification No. IBBI/2022-23/GN/REG099 dated 28-09-2022 before it was read as, his 2. Substituted vide Notification No. IBBI/2023-24/GN/REG104 dated 18-09-2023 before it was read as, forty five days