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CS Professional · Insolvency and Bankruptcy - Law and Practice · Professional and Ethical Practices for Insolvency Practitioners

The Board notices that an insolvency professional, Arjun Nair, has not complied with the Code's regulations. Which action is within the Board's powers under its listed functions?

The Board can suspend, withdraw or cancel the professional's registration and carry out inspections and investigations, passing orders needed for compliance with the Code and regulations. It is not limited to advisory letters or referral to the Adjudicating Authority.

  1. ARegister, renew, withdraw, suspend or cancel his registration, and carry out inspections and investigations with orders for complianceCorrect
  2. BOnly issue an advisory letter, as it cannot suspend registration
  3. COnly refer the matter to the Adjudicating Authority, which alone can cancel registration
  4. DOnly ask the agency to levy fees on him

Explanation

Section 196(1)(a) empowers the Board to register and to renew, withdraw, suspend or cancel registrations, and 196(1)(f) allows inspections and investigations with compliance orders. Hence the Board is not limited to advisories or referral.

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