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<h1>Recognition of insolvency professional entities: eligibility criteria and application process for Board recognition and compliance requirements.</h1> Recognition as an insolvency professional entity requires eligible entities to have an objective of providing support services or carrying out insolvency professional activities; meet a specified net worth threshold; ensure majority ownership or capital contribution and control by insolvency professionals; have a majority of partners or directors and whole-time directors as insolvency professionals; and prohibit partners or directors from holding similar positions in other recognised entities.