Insolvency resolution and liquidation proceedings of NBFC with asset size of Rs.500 crore or more 

Insolvency resolution and liquidation proceedings of NBFC with asset size of Rs.500 crore or more 

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
Provider
(rule 2 of the Rules)
Appropriate Regulator
[clause (a) of sub-rule (1)
of rule 3 of the Rules]
Dealing with third-party
assets (rule 10 of the Rules)
(1) (2) (3) (4)
1 Non-banking finance companies (which include housing finance companies) with asset size of Rs.500 crore or more, as per last audited balance sheet. Reserve Bank of India To be notified separately

[F. No. 30/4/2017–Insolvency Section]
GYANESHWAR KUMAR SINGH, Jt. Secy

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