244. (1) Until the Board is constituted or a financial sector regulator
is designated under section 195, as the case may be, the powers and
functions of the Board or such designated financial sector regulator,
including its power to make regulations, shall be exercised by the Central
Government.
(2) Without prejudice to the generality of the power under sub-section (1),
the Central Government may by regulations provide for the following
matters:-
(a) recognition of persons, categories of professionals and persons having
such qualifications and experience in the field of finance, law, management
or insolvency as it deems necessary, as insolvency professionals and
insolvency professional agencies under this Code;
(b) recognition of persons with technological, statistical, and data
protection capability as it deems necessary, as information utilities under
this Code; and
(c) conduct of the corporate insolvency resolution process, insolvency
resolution process, liquidation process, fresh start process and bankruptcy
process under this Code.