Establishment of an insolvency regulatory board creates a corporate body with property and contractual powers under the Code. The Central Government may, by notification, establish the Insolvency and Bankruptcy Board of India as a body corporate for purposes of the Code, with perpetual succession, a common seal, capacity to acquire, hold and dispose of property, to contract, and to sue or be sued; its head office shall be in the National Capital Region as specified by the Central Government, and it may establish offices elsewhere in India.