(1) Every insolvency professional agency shall apply to the Board for its registration in such form, containing such particulars, and accompanied by such fee as may be specified by regulations.
(2) On receipt of an application under sub-section (1), the Board may, within such period as may be specified, either—
- grant a certificate of registration to the applicant; or
- reject the application for reasons to be recorded in writing,
if the application is not complete or does not conform to the requirements specified by regulations.
(3) A certificate of registration granted under sub-section (2) shall be valid for such period as may be specified by regulations.