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<h1>Power to make regulations: enables the Board to prescribe procedural, governance, registration and operational standards under the Code.</h1> Section 240 empowers the Board to make regulations, by notification, consistent with the Code to carry out its provisions. The regulations may prescribe procedural forms, electronic submission standards, information utility access and service quality, evidence and claim formats, timelines for announcements and claims, duties and remuneration of insolvency professionals, committee of creditors procedures including voting and proxy arrangements, valuation and liquidation processes, distribution of proceeds, registration and renewal of professionals and utilities, inspection and disciplinary mechanisms, and fees and expenses arrangements.