Legislative adventurism

On November 15, 2019, the government brought about a significant change in the Insolvency and Bankruptcy Code (IBC). It notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than banks. It was clarified then that the new rules would apply to such FSPs or categories of FSPs, as will be notified by the Union government under Section 2.....

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