Section 5(5) in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
(5)If, after considering an application made under Regulation 4, the Board is of the prima facie opinion that the registration ought not to be granted or ought not to be renewed, or be granted or renewed with additional conditions, it shall communicate the reasons for forming such an opinion within forty-five days of receipt of the application, excluding the time given by the Board for removing the deficiencies, presenting additional documents or clarifications, or appearing in person, as the case may be.
