How can the insolvency and liquidation of a non-banking finance company registered with the Reserve…

A financial service provider is excluded from 'corporate person' by section 3(7), so ordinary applications under sections 7, 9 or 10 do not lie against it. Section 227 allows the Central Government, "in consultation with the appropriate financial sector regulators", to notify financial service providers or categories of them for insolvency and liquidation under the Code. The Explanation adds that such proceedings may be conducted with prescribed modifications.