New Delhi: Advocates, chartered accountants company secretaries and cost accountants can serve as insolvency professionals subject to certain conditions, besides certain classes of not-for-profit companies that can act as insolvency professional agencies.

Regulations have been notified in this regard, under the Insolvency and Bankruptcy Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

The Corporate Affairs Ministry said, moving closer to implementing the Code, the Insolvency and Bankruptcy Board of India (IBBI) has notified three sets of regulations. The notified norms pertain to Insolvency Professionals, Insolvency Agencies and Model Bye-Laws and Governing Board of Insolvency Professional Agencies.

It said, the regulations related to insolvency professionals provide for registration, regulation and oversight of such people under the Code and will be effective from 29th of this month.