https://www.taxtmi.com/acts?id=37953 Initiation of CIRP for financial service providers occurs only on application by the appropriate regulator, which nominates the Administrator; an interim moratorium operates from filing until admission or rejection while preserving the licence. The regulator may constitute an Advisory Committee to advise the Administrator; members' compensation is part of insolvency costs. Resolution plans must demonstrate how the applicant will satisfy legal requirements to carry on financial-service business, and the Administrator must obtain the regulator's 'no objection' to post-plan controllers, with fit-and-proper assessment and deemed approval if not refused within the specified working-day period. en-us Sat, 16 Nov 2019 10:43:29 +0530 Sat, 16 Nov 2019 10:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=37953 Initiation of CIRP for financial service providers occurs only on application by the appropriate regulator, which nominates the Administrator; an interim moratorium operates from filing until admission or rejection while preserving the licence. The regulator may constitute an Advisory Committee to advise the Administrator; members' compensation is part of insolvency costs. Resolution plans must demonstrate how the applicant will satisfy legal requirements to carry on financial-service business, and the Administrator must obtain the regulator's 'no objection' to post-plan controllers, with fit-and-proper assessment and deemed approval if not refused within the specified working-day period. Act-Rules IBC Sat, 16 Nov 2019 10:43:29 +0530 https://www.taxtmi.com/acts?id=37953