Section 7(b) in Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019
(b)the Adjudicating Authority shall provide the appropriate regulator an opportunity of being heard before passing an order for -(i)liquidation of the financial service provider under section 33, and(ii)dissolution of the financial service provider under section 54.
