Insolvency framework for non-banking finance companies now subject to IBC procedures with regulator coordination and third-party asset rules apply. The Central Government, under section 227 of the Insolvency and Bankruptcy Code, 2016 and in consultation with the Reserve Bank of India, notifies that insolvency resolution and liquidation proceedings of specified financial service providers shall be undertaken in accordance with the Code read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and applicable regulations; non-banking finance companies (including housing finance companies) meeting the prescribed asset-size threshold are listed with the Reserve Bank of India as appropriate regulator and third-party asset treatment to be notified separately.
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Provisions expressly mentioned in the judgment/order text.
Insolvency framework for non-banking finance companies now subject to IBC procedures with regulator coordination and third-party asset rules apply.
The Central Government, under section 227 of the Insolvency and Bankruptcy Code, 2016 and in consultation with the Reserve Bank of India, notifies that insolvency resolution and liquidation proceedings of specified financial service providers shall be undertaken in accordance with the Code read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and applicable regulations; non-banking finance companies (including housing finance companies) meeting the prescribed asset-size threshold are listed with the Reserve Bank of India as appropriate regulator and third-party asset treatment to be notified separately.
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