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 Insolvency and Bankruptcy Code (Amendment) Act, 2020, w.e.f. 28.12.2019, for the words “examined in this Code”.
2. Ins. by the Insolvency and Bankruptcy Code (Amendment) Act, 2020, w.e.f. 28.12.2019.
3. For categories of Financial Service Providers (FSP), refer Notifications S.O.4139(E) dated 18th November, 2019.
4. For the manner of dealing with the third party assets in custody or possession of Financial Service Providers (FSP), refer Notification No. S.O. 464(E) dated 30th January, 2020.
5. Refer IBBI Circular No. IBBI/LIQ/67/2024 dated 13th February, 2024 for compliances for initiation of Voluntary Liquidation of a Financial Service Provider.
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