RBI can direct banks to initiate insolvency resolution process

REGD. NO. D. L.-33004/99

THE GAZETTE OF INDIA

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939

MINISTRY OF FINANCE

(Department of Financial Services)

ORDER

New Delhi, the 5th May, 2017

S.O. 1435(E).-In exercise of the powers conferred by Section 35AA of the Banking Regulation Act, 1949 (10 of 1949), the Central Government hereby authorises the Reserve Bank of India to issue such directions to any banking company or banking companies which may be considered necessary to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016.

[F. No. 7/32/2017 –BOA (pt.)]

MOHAMMAD MUSTAFA, Jt. Secy.