Insolvency and Liquidation Proceedings of Financial Service Provider and Application to Adjudicating Authority - Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
Insolvency and Liquidation Proceedings of Financial Service Provider and Application to Adjudicating Authority - Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
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Third-party assets exclusion prevents moratorium applying; administrator may control them only per government notification under insolvency rules. The rule clarifies that the moratorium and related stay provisions do not apply to third-party assets in the custody or possession of a financial service ... Summary
Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Third-party assets exclusion prevents moratorium applying; administrator may control them only per government notification under insolvency rules.
The rule clarifies that the moratorium and related stay provisions do not apply to third-party assets in the custody or possession of a financial service provider, including funds, securities and other trust assets. The Administrator may take control and custody of such third-party assets only for the purpose of dealing with them in the manner notified by the Central Government.
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