This notification, S.O. 4139(E), issued by the Ministry of Corporate Affairs on November 18, 2019, concerns the insolvency resolution and liquidation proceedings of specific categories of financial service providers. Enacted under Section 227 of the Insolvency and Bankruptcy Code, 2016, and in consultation with the Reserve Bank of India, the notification stipulates that insolvency resolution and liquidation proceedings for these providers will adhere to the provisions of the Insolvency and Bankruptcy Code, 2016, alongside the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The included financial service providers are Non-banking finance companies (NBFCs), which include housing finance companies with asset size of Rs.500 crore or more, as per last audited balance sheet, whose regulator is the Reserve Bank of India. Further details regarding the handling of third-party assets are to be notified separately. The notification was issued under F. No. 30/42017-Insolvency Section, by Gyaneshwar Kumar Singh, Joint Secretary.
Key Entities Referenced
Insolvency and Bankruptcy Code, 2016: A law enacted in 2016 in India concerning insolvency resolution and liquidation proceedings.
Reserve Bank of India: The central bank of India, consulted in the notification regarding financial service providers' insolvency.
Ministry of Corporate Affairs: The Indian government ministry that issued the notification.
New Delhi: The location from which the notification was issued, New Delhi, Delhi.
Insolvency and Bankruptcy Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority Rules, 2019: Rules related to insolvency and liquidation proceedings of financial service providers.
Non-banking finance companies: A category of financial service providers covered by the notification, specifically those with an asset size of Rs.500 crore or more, including housing finance companies.
Gyaneshwar Kumar Singh: Joint Secretary who signed the notification.
Mayapuri, New Delhi: Location of the Dte. of Printing at Government of India Press.
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OानेPर कुमार Qसह, संयु, सिचव
5937 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 18th November, 2019
S.O. 4139(E).—In exercise of the powers conferred by section 227 of the Insolvency and
Bankruptcy Code, 2016 (31 of 2016), the Central Government in consultation with the Reserve Bank of
India hereby notifies as under:
The insolvency resolution and liquidation proceedings of the following categories of financial service
providers shall be undertaken in accordance with the provisions of the Insolvency and Bankruptcy Code,
2016 read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial
Service Providers and Application to Adjudicating Authority) Rules, 2019 (in this notification referred to
as the ‘Rules’) and the applicable Regulations:
Sl. No. Category of Financial Service Appropriate Regulator Dealing with third-party
Provider [clause (a) of sub-rule (1) assets (rule 10 of the Rules)
(rule 2 of the Rules) of rule 3 of the Rules]
(1) (2) (3) (5)
1 Non-banking finance companies Reserve Bank of India To be notified separately
(which include housing finance
companies) with asset size of
Rs.500 crore or more, as per last
audited balance sheet.
[F. No. 30/4/2017–Insolvency Section]
GYANESHWAR KUMAR SINGH, Jt. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.