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of <h1>New Rules for Handling Third-Party Assets by Financial Service Providers Under Insolvency Proceedings.</h1> The Central Government, in consultation with the Reserve Bank of India, has issued a notification detailing the handling of third-party assets held by financial service providers under insolvency proceedings. The Administrator, appointed under the Insolvency and Bankruptcy Code, is tasked with managing receivables and assets. For receivables, the Administrator must maintain separate accounts for transactions where the financial service provider acts as an agent, ensuring these funds are not mixed with the provider's assets. For third-party assets, the Administrator must keep them distinct and return them per contract terms, unless the provider is entitled to retain them due to contract breaches.
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