Section 227:
Power of Central Government to notify financial service providers, etc.
Notwithstanding
anything to the contrary 1[contained in this Code] or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financial sector
regulators, notify financial service providers or categories of financial service providers for the purpose of
their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as
may be prescribed.
2[Explanation.--For the removal of doubts, it is hereby clarified that the insolvency and liquidation
proceedings for financial service providers or categories of financial service providers may be conducted
with such modifications and in such manner as may be prescribed.]
Notes:
1. Subs. by Act 1 of 2020, s. 11, for “examined in this Code” (w.e.f. 28-12-2019).
2. Ins. by Act 1 of 2020, s. 11 (w.e.f.28-12-2019).