35AA. [ Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process. [Inserted by Notification Act No. 30 of 2017.]
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.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.
