TaxTMI 
TaxTMI 
Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
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....and liquidation proceedings under these rules. 3. Definitions. - (1) In these rules, unless the context otherwise requires,- (a) "Administrator" means an individual appointed by the Adjudicating Authority under sub-clause (iii) of clause (a) of rule 5, to exercise the powers and functions of the insolvency professional, interim resolution professional, resolution professional or the liquidator for the purpose of insolvency and liquidation proceedings of a financial service provider; (b) "Advisory Committee" means the Committee constituted by the appropriate regulator in accordance with clause (c) of rule 5 of these rules; (c) "appropriate regulator" means the financial sector regulator, as may be notified by the Central Government under section 227, for a category of financial service providers; (d) "Code" means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (e) "Form" means a Form appended to these rules; and (f) "identification number" means the corporate identity number or the limited liability partnership identification number, as the case may be, of a financial service provider. (2) The words and expressions u....
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....titute an Advisory Committee, within 45 days of the insolvency commencement date, to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process; (ii) the Advisory Committee shall consist of three or more Members, who shall be persons of ability, integrity and standing, and who have expertise or experience in finance, economics, accountancy, law, public policy or any other profession in the area of financial services or risk management, administration, supervision or resolution of a financial service provider; (iii) the terms and conditions of the Members of the Advisory Committee and the manner of conducting meetings and observance of rules of procedure shall be such as may be determined by the appropriate regulator; (iv) the compensation paid to the Members of the Advisory Committee shall be part of the insolvency resolution process costs; (v) the Administrator shall chair the meetings of the Advisory Committee. (d) Resolution plan.- (i) the resolution plan shall include a statement explaining how the resolution applicant satisfies or intends to satisfy the re....
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....all dispatch forthwith, a copy of the application filed with the Adjudicating Authority, by registered post or speed post to the registered office of the financial service provider. (6) The Adjudicating Authority may permit withdrawal of an application filed under sub-clause (i) of clause (a) of rule 5 before its admission on a request made by the applicant. 7. Liquidation Process.- The provisions of the Code relating to the liquidation process of the corporate debtor shall, mutatis mutandis apply, to the liquidation process of a financial service provider subject to the following modifications, namely: (a) the license or registration that authorises the financial service provider to engage in the business of providing financial services shall not be suspended or cancelled during the liquidation process, unless an opportunity of being heard has been provided to the liquidator; (b) the Adjudicating Authority shall provide the appropriate regulator an opportunity of being heard before passing an order for (i) liquidation of the financial service provider under section 33, and (ii) dissolution of the financial service provider under section 54....
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....er section 227. Form 1 (See sub-clause (i) of clause (a) of Rule 5) APPLICATION BY APPROPRIATE REGULATOR TO INITIATE INSOLVENCY RESOLUTION PROCESS UNDER THE CODE. (Under Rule 5 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019) [Date] To The National Company Law Tribunal [Address] From [Names and addresses of the registered office of the appropriate regulator] In the matter of [name of the financial service provider] Subject: Application to initiate corporate insolvency resolution process [name of the financial service provider] under the Insolvency and Bankruptcy Code, 2016. Madam/Sir, [Name of appropriate regulator], hereby submit this application to initiate a corporate insolvency resolution process [name of financial service provider]. The details for the purpose of this application are set out below: Part I PARTICULARS OF APPLICANT 1 Name of appropriate regulator 2 Address of the appropriate regulator 3 Name and address of the person authorised to submit application on its b....