Insolvency and Bankruptcy (Insolvency & Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 15th November, 2019

G.S.R. 852(E). —In exercise of the powers conferred under section 227 read with clause (zk) of sub-section (2) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby makes the following rules, namely:―

1. Short title and commencement.- (1) These rules may be called the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. (2) These rules shall come into force on the date of their publication in the Official Gazette.

2. Application. ― These rules shall apply to such financial service providers or categories of financial service providers, as may be notified by the Central Government under section 227, from time to time, for the purpose of their insolvency and liquidation proceedings under these rules.

3. Definitions. ― (1) In these rules, unless the context otherwise requires,-

(a) “Administrator” means an individual appointed by the Adjudicating Authority under sub-clause (iii) of clause (a) of rule 5, to exercise the powers and functions of the insolvency professional, interim resolution professional, resolution professional or the liquidator for the purpose of insolvency and liquidation proceedings of a financial service provider;

(b) “Advisory Committee” means the Committee constituted by the appropriate regulator in accordance with clause (c) of rule 5 of these rules;

(c) “appropriate regulator” means the financial sector regulator, as may be notified by the Central Government under section 227, for a category of financial service providers;

(d) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);

(e) “Form” means a Form appended to these rules; and

(f) “identification number” means the corporate identity number or the limited liability partnership identification number, as the case may be, of a financial service provider.

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