Section 227 of IBC – Insolvency and Bankruptcy Code, 2016 : Power of Central Government to notify financial service providers, etc.

The Insolvency and Bankruptcy Code, 2016

Part-V Miscellaneous

Section 227: Power of Central Government to notify financial service providers, etc.

*227. Notwithstanding anything to the contrary 1[contained in this Code] or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify3 financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as may be prescribed.

2[Explanation.—For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed.]


Reference

*Effective from 01.05.2018.

1. Subs. by the IBC (Amendment) Act, 2020, w.e.f. 28.12.2019, for the words “examined in this Code”.

2. Ins. by the IBC (Amendment) Act, 2020, w.e.f. 28.12.2019.

3. Notifies the categories of FSP vide Notifications S.O.4139(E) dated 18.11.2019.

4. Notifies the manner of dealing with the third party assets in custody or possession of FSP vide Notification No. S.O. 464(E). dated 30.01.2020.


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