Appointment of disciplinary committee.

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....a penalty as provided in sub-section (3), or suspend or cancel the registration of the service provider, or direct disgorgement under sub-section (4).] (3) ^4[Where any service provider has contravened any provisions of this Code or rules or regulations made thereunder, the disciplinary committee may impose penalty which shall be up to-] (i) three times the amount of the loss caused, or likely to have been caused, to persons concerned on account of such contravention; or (ii) three times the amount of the unlawful gain made on account of such contravention, whichever is higher: Provided that where such loss or unlawful gain is not quantifiable, the total amount of the penalty imposed shall not exceed ^5[two crore rupees]. ....

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..... 15-11-2016 [F. N. 30/7/2016-Insolvency Section] S.O. 3453(E) dated 15-11-2016 1.  Substituted vide Section 66 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Notified vide Notification No. S.O. 2625(E) dated 22-05-2026) before it was read as,  "(1) The Board shall constitute a disciplinary committee to consider the reports of the investigating Authority submitted under sub-section (6) of section 218: Provided that the members of the disciplinary committee shall consist of whole-time members of the Board only." 2.  Inserted vide Section 66 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 w.e.f. 26-05-2026 (Not....