Section 23(6) in The Payment And Settlement Systems Act, 2007
(6)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] [Inserted by Insolvency and Bankruptcy Code, 2016, Section 253.] any other law for the time being in force, the liquidator or receiver or assignee (by whatever name called) of the central counter party, whether appointed as provisional or otherwise, shall-(a)not re-open any determination that has become final and irrevocable;(b)after appropriating in accordance with the rules, regulations or bye-laws of the central counter party, the collateral's provided by the system participants towards their settlement or other obligations, return the collateral's held in excess to the system participants concerned.]Explanation. - For the removal of doubts, it is hereby declared that the settlement, whether gross or net, referred to in this section is final and irrevocable as soon as the money, securities, foreign exchange or derivatives or other transactions payable as a result of such settlement' is determined, whether or not such money, securities or foreign exchange or derivatives or other transactions is actually paid.[Explanation 2. - For the purposes of this section, the expression "central counter party" means a system provider who by way of novation interposes between system participants in the transactions admitted for settlement, thereby becoming the buyer to every seller and the seller to every buyer, for the purpose of effecting settlement of their transactions.] [Inserted by Act No. 18 of 2015.]
