Banking Regulation Act, 1949 · Chapter II: Business of Banking Companies
Section 35AA: Power of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process
[35AA. Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.—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 (31 of 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 (31 of 2016).]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 35AA
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Tottempudi Salalith v. State Bank of India &
Issues arose as to whether the d ebts in connection with the recovery certificate issued in the year 2015, could form subject matter of an application u/s.7 IBC; whether the the banks having approached the DRT, were…
- Rajneesh Bhaskar Gupta v. Reserve Bank of India & Anr
- Dharani Sugars and Chemicals Ltd. v. Union of India & Ors.