1[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).]
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).]
1. Ins. by Act 30 of 2017, s. 2, (w.e.f. 4-5-2017).