Transitional provisions
Section 244 of the Insolvency and Bankruptcy Code, 2016 deals with transitional provisions. 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. The Act was enacted on 28 May 2016.
(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.
Section 244, The Insolvency and Bankruptcy Code, 2016 (Act 31 of 2016).
Cross-references
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This section refers to
Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 244
What does Section 244 of the Insolvency and Bankruptcy Code deal with?
Section 244 of the Insolvency and Bankruptcy Code is headed "Transitional provisions". 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.
How do I find court cases under Section 244 of the Insolvency and Bankruptcy Code?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Insolvency and Bankruptcy Code 244, section 244 Insolvency and Bankruptcy Code, section 244 of the Insolvency and Bankruptcy Code. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 244 of the Insolvency and Bankruptcy Code, and has it changed?
Its own text turns on section 195 (Power to designate financial sector regulator), so none of them can safely be read on its own. One instrument names it without being made under it, most recently Commencement of Sections under Chapter II, Chapter VII of Part IV and sections under Part V (2016).
When was Section 244 of the Insolvency and Bankruptcy Code enacted?
Section 244 of the Insolvency and Bankruptcy Code, cited as Insolvency and Bankruptcy Code 244, was enacted on 28 May 2016 as Act 31 of 2016. It is in force as at the date shown on this page.
Other sections of this Act
- 240. Power to make regulations2349 words
- 5. Definitions2326 words
- 3. Definitions1381 words
- 29A. Person not eligible to be resolution applicant1152 words
- 239. Power to make rules963 words
- 196. Powers and functions of Board942 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 20 Oct 2026. This page is not a substitute for legal advice.