Under section 227 of the Insolvency and Bankruptcy Code, 2016, who may notify financial service providers or their categories for insolvency and liquidation proceedings?
Question and options
Under section 227 of the Insolvency and Bankruptcy Code, 2016, who may notify financial service providers or their categories for insolvency and liquidation proceedings?
The National Company Law Tribunal, on an application by the regulator
The Central Government, in consultation with the appropriate regulators
The Reserve Bank of India, in consultation with the Central Government
The Insolvency and Bankruptcy Board, in consultation with the RBI
Answer and explanation
Section 227 of the Insolvency and Bankruptcy Code, 2016 empowers the Central Government, in consultation with the appropriate financial sector regulators, to notify financial service providers or categories of them for insolvency and liquidation proceedings. The RBI is consulted as regulator, as in the 2019 notification of larger non-banking financial companies, but does not make the notification.
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