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of <h1>Regulation 54: Procedure for Minor Penalties on Employees in Insolvency and Bankruptcy Board, Including Defense and Decision Review.</h1> Regulation 54 of the Insolvency and Bankruptcy Board of India (Employees' Service) Regulations, 2017 outlines the procedure for imposing minor penalties on employees. When a minor penalty is considered, the employee is notified in writing of the alleged lapses and given up to 15 days to submit a written defense. The Competent Authority reviews the defense before making a decision. The proceedings record must include the lapse statement, the employee's defense, and the Competent Authority's decision with reasons. If a major penalty inquiry is deemed necessary, procedures under Regulation 52 are followed.
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