Discuss the functions and code of conduct of Insolvency Professional under the Insolvency and Bankruptcy Code, 2016.

As per section 208(1) of the Insolvency and Bankruptcy Code, 2016, where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it shall be the function of an insolvency professional to take such actions as may be necessary, in the following matters— a fresh start order process individual insolvency resolution process corporate insolvency resolution process individual bankruptcy process liquidation of a corporate debtor firm As per section 208(2) of the Code, every insolvency professional shall abide by the following Code of Conduct— to take reasonable care and diligence while performing his duties; to comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is a member; to allow the insolvency professional agency to inspect his records; to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member; and to perform his functions in such a manner and subject to such conditions as may be specified.