Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 - G.S.R. 852 (E) - Insolvency and Bankruptcy

Regulatory initiation of insolvency proceedings allows regulators to file for resolution and propose administrators subject to fit-and-proper clearance.

These rules permit only the appropriate regulator to initiate insolvency proceedings against a financial service provider, require the regulator to propose an Administrator who, upon Adjudicating Authority appointment, exercises the functions of insolvency professionals, and maintain licences during moratorium and liquidation while excluding third-party trust assets from moratorium except as notified; resolution plans require the regulator's fit-and-proper 'no objection' and voluntary liquidation needs prior regulator permission.