Power of Central Government to notify financial sector providers etc
Notwithstanding anything to the contrary 1[contained in this Code] or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector regulators, notify financial sector regulator;”>financial service providers or categories of financial sector regulator;”>financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as may be prescribed.
2[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.]
Amendment
1Subs. by Act No. 1 of 2020, sec. 11 (w.e.f. 28-12-2019). Before substitution, it stood as “examined in this Code”.
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