218. (1) Where the Board, on receipt of a complaint under section 217 or
has reasonable grounds to believe that any insolvency professional agency or
insolvency professional or an information utility has contravened any of the
provisions of the Code or the rules or regulations made or directions issued
by the Board thereunder, it may, at any time by an order in writing, direct
any person or persons to act as an investigating authority to conduct an
inspection or investigation of the insolvency professional agency or
insolvency professional or an information utility.
(2) The inspection or investigation carried out under sub-section (1) of
this section shall be conducted within such time and in such manner as may
be specified by regulations.
(3) The Investigating Authority may, in the course of such inspection or
investigation, require any other person who is likely to have any relevant
document, record or information to furnish the same, and such person shall
be bound to furnish such document, record or information:
Provided that the Investigating Authority shall provide detailed reasons to
such person before requiring him to furnish such document, record or
information.
(4) The Investigating Authority may, in the course of its inspection or
investigation, enter any building or place where they may have reasons to
believe that any such document, record or information relating to the
subject-matter of the inquiry may be found and may seize any such document,
record or information or take extracts or copies therefrom, subject to the
provisions of section 100 of the Code of Criminal Procedure, 1973, insofar
as they may be applicable.
(5) The Investigating Authority shall keep in its custody the books,
registers, other documents and records seized under this section for such
period not later than the conclusion of the investigation as it considers
necessary and thereafter shall return the same to the concerned person from
whose custody or power they were seized:
Provided that the Investigating Authority may, before returning such books,
registers, other documents and record as aforesaid, place identification
marks on them or any part thereof.
(6) A detailed report of inspection or investigation shall be submitted to
the Board by the Investigating Authority.