Section 23(4)(b) in The Payment And Settlement Systems Act, 2007

[Cites 0, Cited by 0] [Section 23(4)] [Section 23] [Entire Act]

Union of India - Subsection

Section 23(4)(b) in The Payment And Settlement Systems Act, 2007

(b)a liquidator or receiver or assignee (by whatever name called), whether provisional or otherwise, is appointed in a proceeding relating to insolvency or dissolution or winding up of a system participant, then, notwithstanding 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] [Substituted by Act No. 18 of 2015.] any other law for the time being in force, such order shall not affect any settlement that has become final and irrevocable prior to such order or immediately thereafter, and the right of the system provider to appropriate any collateral's contributed by the system participants towards its settlement or other obligations in accordance with the rules, regulations or bye-laws relating to such system provider.]

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Union of India - Subsection

Section 23(4)(b) in The Payment And Settlement Systems Act, 2007