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