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of <h1>Insolvency Rules Updated for Large NBFCs u/s 227 of IBC; RBI Named Regulator for Rs. 500 Crore+ Assets.</h1> The Central Government, in consultation with the Reserve Bank of India, has issued a notification under section 227 of the Insolvency and Bankruptcy Code, 2016. This notification outlines that insolvency resolution and liquidation proceedings for certain financial service providers will follow the Insolvency and Bankruptcy Code, 2016, and related rules and regulations. Specifically, non-banking finance companies, including housing finance companies with an asset size of Rs. 500 crore or more, are subject to these proceedings. The Reserve Bank of India is designated as the appropriate regulator, and further details on dealing with third-party assets will be notified separately.
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