Disciplinary committee powers under insolvency law include penalties, disgorgement, restitution, and appeal rights for aggrieved persons. The Board must constitute one or more disciplinary committees from among its Chairperson, whole-time members, or officers not below the rank of Executive Director. A show cause notice under section 219 is referred to the committee, which hears the service provider and may impose penalty, suspend or cancel registration, or direct disgorgement where sufficient cause exists. The committee may also provide restitution from disgorged amounts, and an aggrieved person may appeal to the National Company Law Appellate Tribunal within thirty days, with limited condonation of delay.
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Provisions expressly mentioned in the judgment/order text.
Disciplinary committee powers under insolvency law include penalties, disgorgement, restitution, and appeal rights for aggrieved persons.
The Board must constitute one or more disciplinary committees from among its Chairperson, whole-time members, or officers not below the rank of Executive Director. A show cause notice under section 219 is referred to the committee, which hears the service provider and may impose penalty, suspend or cancel registration, or direct disgorgement where sufficient cause exists. The committee may also provide restitution from disgorged amounts, and an aggrieved person may appeal to the National Company Law Appellate Tribunal within thirty days, with limited condonation of delay.
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