(1) 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, namely:
         (a) a fresh start order process under Chapter II of Part III;
         (b) individual insolvency resolution process under Chapter III of Part III;
         (c) corporate insolvency resolution process under Chapter II of Part II;
         ¹[(ca) pre-packaged insolvency resolution process under Chapter III-A of Part II;]
         (d) individual bankruptcy process under Chapter IV of Part III; and
         (e) liquidation of a corporate debtor firm under Chapter III of Part II.
    1 ¹[(1A) Where the name of the insolvency professional proposed to be appointed as a resolution professional, is approved under clause (e) of sub-section (2) of section 54A, it shall be the function of such insolvency professional to take such actions as may be necessary to perform his functions and duties prior to the initiation of the pre-packaged insolvency resolution process under Chapter III-A of Part II.]
     (2) Every insolvency professional shall abide by the following code of conduct:
         (a) to take reasonable care and diligence while performing his duties;
         (b) 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;
         (c) to allow the insolvency professional agency to inspect his records;
         (d) 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
         (e) to perform his functions in such manner and subject to such conditions as may be specified.