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<h1>Central Government Assumes Regulatory Powers Under Section 244 of Insolvency and Bankruptcy Code 2016 for Transitional Provisions</h1> Section 244 of the Insolvency and Bankruptcy Code, 2016, outlines transitional provisions where the Central Government assumes the powers and functions of the Board or a designated financial sector regulator until they are constituted. This includes the authority to make regulations. The Central Government can recognize individuals and categories of professionals as insolvency professionals and agencies, and recognize entities with technological and data protection capabilities as information utilities. It also governs the conduct of various insolvency and bankruptcy processes under the Code. These provisions came into effect on November 1, 2016.