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of <h1>Section 240 of Insolvency and Bankruptcy Code, 2016: Empowering Regulatory Framework for Efficient Insolvency Management and Resolution Procedures.</h1> Section 240 of the Insolvency and Bankruptcy Code, 2016 grants the Board the authority to make regulations consistent with the Code to facilitate its implementation. These regulations can cover various aspects, including electronic submission of financial information, access to information utilities, costs related to liquidation, and procedures for creditor committees. The section outlines specific areas where regulations may be established, such as the conduct of meetings, appointment of professionals, voting procedures, and submission of claims. Additionally, it provides guidelines for the management of insolvency processes, including liquidation and resolution plans, and details on registration and governance of insolvency professionals and agencies.
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