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TMI BlogInsolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... tified by the Central Government under section 227, from time to time, for the purpose of their insolvency and liquidation proceedings under these rules. 3. Definitions. - (1) In these rules, unless the context otherwise requires,- (a) Administrator means an individual appointed by the Adjudicating Authority under sub-clause (iii) of clause (a) of rule 5, to exercise the powers and functions of the insolvency professional, interim resolution professional, resolution professional or the liquidator for the purpose of insolvency and liquidation proceedings of a financial service provider; (b) Advisory Committee means the Committee constituted by the appropriate regulator in accordance with clause (c) of rule 5 of these rules; (c) appropriate regulator means the financial sector regulator, as may be notified by the Central Government under section 227, for a category of financial service providers; (d) Code means the Insolvency and Bankruptcy Code, 2016 (31 of 2016); (e) Form means a Form appended to these rules; and (f) identification number means the corporate identity number ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poses of this clause, interim moratorium shall have the effect of the provisions of sub-sections (1), (2) and (3) of section 14. (c) Advisory Committee.- (i) the appropriate regulator may, where deemed necessary, constitute an Advisory Committee, within 45 days of the insolvency commencement date, to advise the Administrator in the operations of the financial service provider during the corporate insolvency resolution process; (ii) the Advisory Committee shall consist of three or more Members, who shall be persons of ability, integrity and standing, and who have expertise or experience in finance, economics, accountancy, law, public policy or any other profession in the area of financial services or risk management, administration, supervision or resolution of a financial service provider; (iii) the terms and conditions of the Members of the Advisory Committee and the manner of conducting meetings and observance of rules of procedure shall be such as may be determined by the appropriate regulator; (iv) the compensation paid to the Members of the Advisory Committee shall be part of the insolvency resolution process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority: Provided that till such facility is made available, the applicant may submit the accompanying documents, and wherever they are bulky, in electronic form, in scanned, legible portable document format in a data storage device such as a compact disc or a USB flash drive acceptable to the Adjudicating Authority (5) The applicant shall dispatch forthwith, a copy of the application filed with the Adjudicating Authority, by registered post or speed post to the registered office of the financial service provider. (6) The Adjudicating Authority may permit withdrawal of an application filed under sub-clause (i) of clause (a) of rule 5 before its admission on a request made by the applicant. 7. Liquidation Process .- The provisions of the Code relating to the liquidation process of the corporate debtor shall, mutatis mutandis apply, to the liquidation process of a financial service provider subject to the following modifications, namely: (a) the license or registration that authorises the financial service provider to engage in the business of providing financial services shall not be suspended or cancelled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vice provider, including any funds, securities and other assets required to be held in trust for the benefit of third parties. (2) The Administrator shall take control and custody of third-party assets or properties in custody or possession of the financial service provider, including any funds, securities and other assets required to be held in trust for the benefit of third parties only for the purpose of dealing with them in the manner, as may be notified by the Central Government under section 227. Form 1 (See sub-clause (i) of clause (a) of Rule 5) APPLICATION BY APPROPRIATE REGULATOR TO INITIATE INSOLVENCY RESOLUTION PROCESS UNDER THE CODE. (Under Rule 5 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019) [Date] To The National Company Law Tribunal [Address ] From [ Names and addresses of the registered office of the appropriate regulator ] In the matter of [ name of the financial service provider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appropriate regulator ] Name in block letters Position with or in relation to the 1 [ appropriate regulator ] Address of person signing Instructions Please attach the following to this application: Annex I Copies of all documents referred to in this application. Annex II Written communication by the proposed Administrator to act as the interim resolution professional as set out in Form 2. Annex III Proof that the specified application fee has been paid. FORM 2 (See clause (b) of sub-rule (3) of Rule 6) WRITTEN COMMUNICATION BY THE ADMINISTRATOR ( Under Rule 6 of the Insolvency and Bankruptcy (Insolvency Resolution and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 ) [Date] To The National Company Law Tribunal [Address] From [ Name and address of the registered office of the Administrator ] ..... X X X X Extracts X X X X X X X X Extracts X X X X
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