The Board shall have regard to the following principles while registering the insolvency professional agencies under this Code, namely:—
(a)to promote the professional development of and regulation of insolvency professionals;
(b)to promote the services of competent insolvency professionals to cater to the needs of debtors, creditors and such other persons as may be specified;
(c)to promote good professional and ethical conduct amongst insolvency professionals;
(d)to protect the interests of debtors, creditors and such other persons as may be specified;
(e)to promote the growth of insolvency professional agencies for the effective resolution of insolvency and bankruptcy processes under this Code.