Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
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Terminology substitution in insolvency rules: financial service provider and administrator replace prior debtor and professional terms. The rules substitute terminology so that, for insolvency and liquidation proceedings, 'corporate debtor' is replaced by financial service provider, and the roles 'insolvency professional', 'interim resolution professional', 'resolution professional' and 'liquidator' are replaced by the single term administrator, for purposes of applying the Code's provisions to financial service providers before the adjudicating authority.
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.
Provisions expressly mentioned in the judgment/order text.
Terminology substitution in insolvency rules: financial service provider and administrator replace prior debtor and professional terms.
The rules substitute terminology so that, for insolvency and liquidation proceedings, "corporate debtor" is replaced by financial service provider, and the roles "insolvency professional", "interim resolution professional", "resolution professional" and "liquidator" are replaced by the single term administrator, for purposes of applying the Code's provisions to financial service providers before the adjudicating authority.
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