https://www.taxtmi.com/news?id=22126 The Rules apply a modified insolvency and liquidation framework to systemically important Financial Service Providers (excluding banks), permitting CIRP initiation only by the appropriate regulator and mandating appointment of the regulator proposed Administrator who assumes insolvency professional powers. An interim moratorium starts on filing but excludes third party assets, which the Administrator takes control of and will manage as prescribed; licences remain in force during moratorium and CIRP. Resolution plans require the regulator's 'no objection' on fit-and-proper grounds; voluntary liquidation needs prior regulator permission and the regulator must be heard before liquidation orders. en-us Fri, 15 Nov 2019 17:09:03 +0530 Fri, 15 Nov 2019 17:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=22126 The Rules apply a modified insolvency and liquidation framework to systemically important Financial Service Providers (excluding banks), permitting CIRP initiation only by the appropriate regulator and mandating appointment of the regulator proposed Administrator who assumes insolvency professional powers. An interim moratorium starts on filing but excludes third party assets, which the Administrator takes control of and will manage as prescribed; licences remain in force during moratorium and CIRP. Resolution plans require the regulator's 'no objection' on fit-and-proper grounds; voluntary liquidation needs prior regulator permission and the regulator must be heard before liquidation orders. News - Fri, 15 Nov 2019 17:09:03 +0530 https://www.taxtmi.com/news?id=22126