Central Government, consultation with the Reserve Bank of India, notifies the manner of dealing with the third party assets in custody or possession - S.O. 464(E). - Insolvency and Bankruptcy
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Third party assets protection: Administrators must segregate, oversee, and return custody assets and receivables under contractual terms during insolvency. Administrator must prepare statements of third party receivables and custody assets, continue contractual servicing obligations, maintain collected receivables in a separate account not merged with provider funds, oversee and transfer such receivables per contract, treat servicing fees as provider assets, and keep custody assets distinctly identifiable and return or transfer them to entitled persons unless contractual breach entitles the provider to retain or realize them.
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.
Third party assets protection: Administrators must segregate, oversee, and return custody assets and receivables under contractual terms during insolvency.
Administrator must prepare statements of third party receivables and custody assets, continue contractual servicing obligations, maintain collected receivables in a separate account not merged with provider funds, oversee and transfer such receivables per contract, treat servicing fees as provider assets, and keep custody assets distinctly identifiable and return or transfer them to entitled persons unless contractual breach entitles the provider to retain or realize them.
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