Transitional regulatory authority vests interim rulemaking and oversight in the Central Government for continuity of insolvency processes.

Transitional clause vests interim regulatory powers in the Central Government until the Board is constituted or a financial sector regulator is designated, including rulemaking authority. It empowers the interim regulator to make regulations for recognition of insolvency professionals and agencies, recognition of information utilities with suitable technological and data protection capabilities, and for conducting corporate insolvency, insolvency resolution, liquidation, fresh start and bankruptcy processes under the Code.

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