The Insolvency and Bankruptcy Code, 2016
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.]
*This shall come into force w.e.f. from 01.05.2018.
1. Subs. by the Insolvency and Bankruptcy Code (Amendment) Act, 2020, w.e.f. 28-12-2019. Before substitution, it stood as:
“examined in this Code”
2. Inserted by the Insolvency and Bankruptcy Code (Amendment) Act, 2020, w.e.f. 28-12-2019.
3. Notifications S.O.4139(E) dated 18.11.2019: Notified the categories of Financial Service Providers.