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of <h1>Central Government Can Establish Rules for Insolvency Processes Under Section 239 of Insolvency and Bankruptcy Code 2016.</h1> Section 239 of the Insolvency and Bankruptcy Code, 2016 empowers the Central Government to make rules for implementing the provisions of the Code. It outlines specific areas where rules can be established, including defining financial products and debts, application procedures for initiating insolvency processes, and the management of bankruptcy proceedings. The section also covers the roles and responsibilities of various parties involved, such as creditors, debtors, and the Board, and includes provisions for handling financial transactions, notices, and the administration of funds. Various clauses have been introduced and amended over time to refine these processes.
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