This document is an order issued by the Ministry of Finance, Department of Financial Services, Government of India, on May 5, 2017. It is identified as S.O. 1435(E). The order, issued in New Delhi, authorizes the Reserve Bank of India (RBI) to issue directions to any banking company or companies deemed necessary to initiate the insolvency resolution process. This action is taken under the powers conferred by Section 35AA of the Banking Regulation Act, 1949, and pertains to defaults under the provisions of the Insolvency and Bankruptcy Code, 2016. The order is referenced as F. No. 7/32/2017-BOA pt. and is signed by Mohammad Mustafa, Joint Secretary.
Key Entities Referenced
Ministry of Finance: The government ministry responsible for financial matters.
Department of Financial Services: A department within the Ministry of Finance.
Banking Regulation Act, 1949: An act of the Indian Parliament to regulate the banking companies in India.
Section 35AA of the Banking Regulation Act, 1949: Section of the Banking Regulation Act, 1949 which confers powers to the Central Government.
Central Government: The executive authority of the Union of India.
Reserve Bank of India: India's central bank, authorized to issue directions regarding the insolvency resolution process.
Insolvency and Bankruptcy Code, 2016: An act of the Parliament of India that consolidates the framework for insolvency and bankruptcy.
Mohammad Mustafa: Joint Secretary.
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PUBLISHED BY AUTHORITY
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No. 1267] NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939
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आआआआददददेशेशेशेश
नई (cid:7408)द(cid:7016)ली, 5 मई, 2017
ककककाााा....आआआआ.... 1111444433335555((((अअअअ))))....————ब(cid:7289)ककारी िविनयमन अिधिनयम, 1949 (1949 का 10) क(cid:7409) धारा 35कक (cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का
(cid:7079)योग करत े (cid:7263)ए, के(cid:7008)(cid:7076)ीय सरकार, एत(cid:7375)ारा, (cid:7408)दवािलयापन और ऋण शोधन अ(cid:6979)मता संिहता, 2016 के उपबंध(cid:7298) के अधीन
(cid:7408)कसी ब(cid:7289)(cid:7412)कग कंपनी या ब(cid:7289)(cid:7412)कग कंपिनय(cid:7298) को (cid:7408)कसी चूक के मामले म (cid:7286) (cid:7408)दवािलयापन समाधान (cid:7079)(cid:7408)(cid:7059)या शु(cid:7271) करन े के िलए ऐस े
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[फा. सं. 7/32/2017-बीओए (पाट(cid:6981))]
मोह(cid:7013)मद मु(cid:7021)तफा, संयु(cid:7334) सिचव
MINISTRY OF FINANCE
(Department of Financial Services)
ORDER
New Delhi, the 5th May, 2017
S.O. 1435(E).―In exercise of the powers conferred by Section 35AA of the Banking Regulation Act,
1949 (10 of 1949), the Central Government hereby authorises the Reserve Bank of India to issue such
directions to any banking company or banking companies which may be considered necessary to initiate
insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy
Code, 2016.
[F. No. 7/32/2017 –BOA (pt.)]
MOHAMMAD MUSTAFA, Jt. Secy.
2958 GI/2017(cid:32)
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.