TMI BlogCentral Government, consultation with the Reserve Bank of India, notifies the manner of dealing with the third party assets in custody or possessionX X X X Extracts X X X X X X X X Extracts X X X X ..... exercise of the powers conferred by section 227 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and in pursuance of rule 10 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 , the Central Government, in consultation with the Reserve Bank of India, hereby notifies the manner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure that the receivables, in respect of such transactions, collected are deposited and maintained in a separate account and are not merged with the funds or other assets of such financial service provider; (d) oversee the operation of the account referred to in item (c); (e) transfer such receivables collected and deposited in the account referred to in item (c) in accordance with the terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ective contracts; (b) ensure that such assets are maintained in a separate and distinct manner, capable of identifying them contract-wise, and are not merged with those of financial service provider; (c) return or transfer such assets to the person entitled to receive it in accordance with the terms and conditions of such contract: Provided that when such assets shall not be returned by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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