Bilateral Netting of Qualified Financial Contracts Act

Opening preview

THE BILATERAL NETTING OF QUALIFIED FINANCIAL CONTRACTS ACT, 2020 [Act No. 30 of 2020] [28th September, 2020] PREAMBLE An Act to ensure financial stability and promote competitiveness in Indian financial markets by providing enforceability of bilateral netting of qualified financial contracts and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— (1) This Act may be called the Bilateral Netting of Qualified Financial Contracts Act, 2020. (2) It shall come into force on such date [1] as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act. Footnotes ^ 1st October, 2020, vide notification No. S.O. 3463(E), dated 1st October, 2020 see Gazette of India, Extraordinary, Part II, sec. 3 (ii). (1) In this Act, unless the context otherwise requires,— (a) "administration" means proceedings of the nature of placing under administration and includes imposition of moratorium, reorganisation, winding up, liquidation (including any compulsory winding up procedure or proceeding), insolvency, bankruptcy, com