Regulation 14

(1) Where a direction has been issued 27 [by the Disciplinary Committee], to any person to disgorge the amount under sub-section (4) of section 220, the Board shall endeavour to realize the amount of disgorgement expeditiously. (2) The Board shall, as soon as after the realization of the amount of disgorgement, invite claims by a public announcement from persons, who have suffered loss on account of the contravention underlying the direction under sub-section (4) of section 220, seeking restitution from the disgorged amount. (3) The persons referred to in sub-regulation (2) shall submit claims in 28 [such format as notified by the Board] within 30 days of the public announcement. (4) The Board shall scrutinise the claims and prepare a list of valid claims within 30 days of the last date for receipt of claims. 26 Substituted by Notification No. IBBI/2022-23/GN/REG087, dated 14th June, 2022 (w.e.f. 14.06.2022). Prior to substitution, it stood as: “(6) If the order under sub-regulation (1) suspends or cancels the registration of a service provider, the Disciplinary Committee may, if it considers fit, require the service provider to- (a) discharge pending obligations, if any; (b) continue its functions till such time as may be directed, only to enable clients to shift to another service provider; and (c) comply with any other directions.” 27 Inserted by Notification No. IBBI/2026-27/GN/REG145, dated 01st June, 2026 (w.e.f. 02-06-2026) 28 Substituted by Notification No. IBBI/2026-27/GN/REG145, dated 01st June, 2026 (w.e.f. 02-06-2026). Before substitution, the words stood as under: “Form A”.

(5) The Board shall disburse such amount proportionately among the claimants within 30 days of preparation of the list of valid claims. 29 [***] 29 Omitted by Notification No. IBBI/2026-27/GN/REG145, dated 01st June, 2026 (w.e.f. 02-06-2026). Prior to omission, stood as under: “FORM A (Under Regulation 14(3) of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017) Claim under Order No… dated ………. under section 220(4) of the Code Sl. No. Description Particulars