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Section 35AA: Power of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[35AA. Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.--The Central Government may, by order, authorise the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

Explanation.--For the purposes of this section, "default" has the same meaning assigned to it in clause (12) of section 3 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section35AA
Marginal notePower of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it4

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 30 of 2017. . Ins. by Act 30 of 2017, s. 2, (w.e.f. 4-5-2017).

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