1.6.7. Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
7. Liquidation Process.-
The provisions of the Code relating to the liquidation process of the corporate debtor shall, mutatis mutandis apply, to the liquidation process of a financial service provider subject to the following modifications, namely: –
(a) the license or registration that authorises the financial service provider to engage in the business of providing financial services shall not be suspended or cancelled during the liquidation process, unless an opportunity of being heard has been provided to the liquidator;
(b) the Adjudicating Authority shall provide the appropriate regulator an opportunity of being heard before passing an order for –
(i) liquidation of the financial service provider under section 33, and
(ii) dissolution of the financial service provider under section 54.