Section 11 - Amendment of Section 227 - Insolvency and Bankruptcy Code (Amendment) Act, 2020

Amendment of section 227 11. In section 227 of the principal Act,- ( i ) for the words examined in this Code , the words contained in this Code shall be substituted; ( ii ) the following Explanation shall be inserted, namely:- Explanation. -For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed. .