What are the powers of the disciplinary committee of Insolvency and Bankruptcy Board of India (IBBI) ? Also elaborate the circumstances when the IBBI can cancel or suspend the registration of an Insolvency Professional A

Powers of the Disciplinary Committee of IBBI: Section 220 of the Insolvency and Bankruptcy Code, 2016 deals with the appointment of disciplinary committee. It provides that- The Board shall constitute a disciplinary committee to consider the reports of the investigating authority submitted under section 218(6). Provided that the members of the disciplinary committee shall consist of whole-time members of the Board only. On examination of the report of the Investigating Authority, if the disciplinary committee is satisfied that sufficient cause exists, it may impose penalty as specified in sub-section 3 or suspend or cancel the registration of the Insolvency Professional (IP) or suspend or cancel the registration of Insolvency Professional Agency (IPA) or Information Utility (IU). Where any IPA or IP or an IU has contravened any provisions of this Code or rules or regulations made, thereunder, the disciplinary committee may impose penalty which shall be- Three time the amount of the loss caused, or likely to have been caused, to persons concerned on account of such contravention; or Three times the amount of the unlawful gain made on account of such contravention, whichever is higher. Provided that where such loss or unlawful gain is not quantifiable, the total amount of the penalty imposed shall not exceed more than one crore rupees. Notwithstanding anything contained in sub-section (3), the board may direct any person who has made unlawful gains or averted loss by indulging in any activity in contravention of this Code, or the rules or regulations made thereunder, to disgorge an amount equivalent to such unlawful gain or aversion of loss. The Board may take such action as may be required to provide restitution to the person who suffered loss on account of any contravention from the amount so disgorged, if the person who suffered such loss is identifiable and the loss suffered is directly attributable to such person. The Board may make regulations to specify- the procedure for claiming restitution under sub-section (5), the period within which such restitution may be claimed, and the manner in which restitution of amount may be made. Cancellation or suspensions of registration of IPA: Section 201 (5) of the Insolvency and Bankruptcy Code, 2016 deals with the provisions relating to the cancellation or suspension of registration of IPA. It provides that the Board may, by order, suspend or cancel the certificate of registration granted to an IPA on any of the following grounds namely: that it has obtained registration by making a false statement or misrepresentation or by any other unlawful means; that it has failed to comply with the requirements of the regulations made by the Board or bye-law made by the IPA; that it has contravened any of the provisions of the Act or the rules or the regulations made thereunder; on any other ground as may be specified by regulations. Provided that no order shall be made under this sub-section unless the IPA concerned has been given a reasonable opportunity of being heard. Provided further that no such order shall be passed by any member except whole-time members of the Board.