201. (1) Every application for registration shall be made to the Board in
such form and manner, containing such particulars, and accompanied by such
fee, as may be specified by regulations:
Provided that every application received by the Board shall be acknowledged
within seven days of its receipt.
(2) On receipt of the application under sub-section (1), the Board may, on
being satisfied that the application conforms with all requirements
specified under sub-section (1), grant a certificate of registration to the
applicant or else, reject, by order, such application:
Provided that no order rejecting the application shall be made without
giving an opportunity of being heard to the applicant:
Provided further that every order so made shall be communicated to the
applicant within a period of fifteen days.
(3) The Board may issue a certificate of registration to the applicant in
such form and manner and subject to such terms and conditions as may be
specified.
(4) The Board may renew the certificate of registration from time to time in
such manner and on payment of such fee as may be specified.
(5) The Board may, by order, suspend or cancel the certificate of
registration granted to an insolvency professional agency on any of the
following grounds, namely:-
(a) that it has obtained registration by making a false statement or
misrepresentation or by any other unlawful means;
(b) that it has failed to comply with the requirements of the regulations
made by the Board or bye-laws made by the insolvency professional agency;
(c) that it has contravened any of the provisions of the Act or the rules or
the regulations made thereunder;
(d) on any other ground as may be specified by regulations:
Provided that no order shall be made under this sub-section unless the
insolvency professional agency concerned has been given a reasonable
opportunity of being heard:
Provided further that no such order shall be passed by any member except
whole-time members of the Board.