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of <h1>Insolvency and Bankruptcy Code mandates disciplinary committee to penalize insolvency professionals; penalties can reach up to one crore rupees.</h1> The Insolvency and Bankruptcy Code, 2016, mandates the Board to form a disciplinary committee comprising its whole-time members to review reports from the Investigating Authority. If the committee finds sufficient cause, it can penalize, suspend, or cancel registrations of insolvency professionals, agencies, or information utilities. Penalties can be thrice the loss caused or unlawful gain made, whichever is higher, capped at one crore rupees if unquantifiable. The Board can order disgorgement of unlawful gains or averted losses and facilitate restitution to identifiable victims. Regulations may outline restitution procedures, timelines, and methods.
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