(1) The Board shall, after considering the report of the investigating authority under section 218, issue a show cause notice to the insolvency professional agency or information utility, as the case may be, requiring it to show cause why action should not be taken against it for the contravention alleged to have been committed by it.

(2) The Board shall, after considering the reply, if any, received from the insolvency professional agency or information utility, as the case may be, pass such order as it deems fit.