Section 23(5) in The Payment And Settlement Systems Act, 2007
(5)[ Where an order referred to in sub-section (4) is made with respect to a central counter party, then, notwithstanding such order or anything contained in the Banking Regulation Act, 1949 or the Companies Act,1956 or the Companies Act, 2013 [or the Insolvency and Bankruptcy Code, 2016] [Inserted by Act No. 18 of 2015.] any other law for the time being in force, the payment obligations and settlement instructions between the central counter party and the system participants including those arising from transactions admitted for settlement at a future date, shall be determined forthwith by such central counter party in accordance with the gross or netting procedure, as the case may be, approved by the Reserve Bank, while issuing authorisation or under any other provisions of this Act, and such determination shall be final and irrevocable.
