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
- ITAT allows exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees
- PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
- Appellate court interfering with MACT finding must undertake reappreciation of evidence
- When delay is not huge & involves huge monetary liability, lenient approach to be taken
- EoGM of company can not ratify diversion of fund raised by preferential issue – SC
