Section 40B(5) in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
(5)The insolvency professional or interim resolution professional or resolution professional, as the case may be, shall be liable to any action which the Board may take as deemed fit under the Code or any regulation made thereunder, including refusal to issue or renew Authorisation for Assignment, for -(i)failure to file a form along with requisite information and records;(ii)inaccurate or incomplete information or records filed in or along with a form;(iii)delay in filing the form.]
