TMI BlogCorporate Insolvency Resolution Process of financial service providersX X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Insolvency Resolution Process 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 Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmence on and from the date of filing of the application under clause (a) till its admission or rejection; and (ii) 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. Explanati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) the appropriate regulator shall without prejudice to the provisions contained in section 29A, issue no objection on the basis of the fit and proper criteria applicable to the business of the financial service provider; (iv) where an appropriate regulator does not refuse no objection on an application made under clause (ii) within forty-five working days of receipt of such appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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