Financial service providers – regulatory framework for insolvency and liquidation proceedings notified
Introduction: The Insolvency and Bankruptcy Code, 2016 (“Code”) as enacted, specifically excludes Financial Service Providers (“FSPs”) from the definition of corporate debtor. Therefore, any proceeding under the Code, ideally, could not be initiated against an FSP. In light of the current crisis in the Indian financial sector, in particular the Non- Banking Finance Companies …
