Voluntary liquidation: regulator permission required and regulator must be heard before dissolution under the Code.

Voluntary liquidation of a financial service provider applies the Code's corporate debtor voluntary liquidation provisions mutatis mutandis, with three modifications: prior regulatory permission is required to initiate proceedings; the initiating affidavit must declare that such permission was obtained; and the Adjudicating Authority must give the regulator an opportunity to be heard before ordering dissolution.

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