Provisions Of IBC For Financial Service Providers

The Insolvency and Bankruptcy Board of India vide its Notification on November 15, 2019 has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (“Rules”). The Rules became effective from the date of notification. The Rules shall be applicable to only those Financial Service Providers (“FSPs”) who shall be notified by the Central Government under Section 227 of Insolvency and Bankruptcy Code, 2016 (“IBC”) from time to time.

The Rules stipulate that the provisions of IBC shall apply mutatis mutandis to FSPs, subject to certain modifications.

This article shall briefly discuss the modifications that shall be applicable to FSPs under the following: Readmore