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of <h1>New Rules for Insolvency and Liquidation of Financial Service Providers Under Insolvency and Bankruptcy Code, 2016.</h1> The Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, effective from November 15, 2019, establish the framework for insolvency and liquidation proceedings of financial service providers under the Insolvency and Bankruptcy Code, 2016. These rules apply to designated financial service providers and involve the appointment of an Administrator by the Adjudicating Authority. The rules detail the process for initiating insolvency proceedings, including the role of an Advisory Committee, the moratorium period, and the requirements for resolution plans. They also outline procedures for liquidation and voluntary liquidation, emphasizing the need for regulatory approval and safeguarding third-party assets.
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