Corporate Insolvency Resolution Process of financial service providers

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..... ss of financial service providers.- The provisions of the Code relating to the Corporate Insolvency Resolution Process of the corporate debtor shall, mutatis mutandis apply, to the insolvency resolution process of a financial service provider subject to the following modifications, namely:- (a) Initiation of Corporate Insolvency Resolution Process.- (i) no corporate insolvency resolution proce .....

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..... i) the license or registration which authorises the financial service provider to engage in the business of providing financial services shall not be suspended or cancelled during the interim-moratorium and the corporate insolvency resolution process. Explanation.- For the purposes of this clause, "interim moratorium" shall have the effect of the provisions of sub-sections (1), (2) and (3) of se .....

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..... 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 costs; (v) the Administrator shall chair the meetings of the Advisory Committee. (d) Resolution plan.- (i) the resolution plan shall include a statement explaining how th .....

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