Bare Act Search Results

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 5

Title: Enforceability of netting

State: Central

Year: 2020

(1) Netting of the qualified financial contract shall be enforceable--- (a) where such contract is entered into with a netting agreement, in accordance with the terms of the netting agreement: Provided that the inclusion of any...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 7

Title: Net amount

State: Central

Year: 2020

(1) Where parties to the qualified financial contract enter into a netting agreement, the net amount payable under the close-out netting shall be determined in accordance with the terms of the netting agreement entered into by...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 6

Title: Invocation of close-out netting

State: Central

Year: 2020

(1) Close-out netting may be commenced by a notice given by one party to the other party of a qualified financial contract upon the occurrence of an event of default with respect to the other party...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 2

Title: Definitions

State: Central

Year: 2020

(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...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Complete Act

State: Central

Year: 2020

Section1 - Short title and commencement Section2 - Definitions Section3 - Applicability of Act Section4 - Powers of authority Section5 - Enforceability of netting Section6 - Invocation of close-out netting Section7 - Net amount Section8 -...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 8

Title: Limitations on powers of administration practitioner

State: Central

Year: 2020

The administration practitioner shall not render or seek to render ineffective,-- (a) any transfer, substitution or exchange of cash, collateral or any other interests under or in connection with a netting agreement between the insolvent party...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 1

Title: Short title and commencement

State: Central

Year: 2020

(1) This Act may be called the Bilateral Netting of Qualified Financial Contracts Act, 2020. (2) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint,...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 3

Title: Applicability of Act

State: Central

Year: 2020

The provisions of this Act shall apply to a qualified financial contract entered into on a bilateral basis between qualified financial market participants, either under a netting agreement or otherwise, where at least one of such...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 4

Title: Powers of authority

State: Central

Year: 2020

The relevant authority may, by notification,-- (a) designate any bilateral agreement or contract or transaction, or type of contract regulated by it, as qualified financial contract: Provided that the contract, so designated under this clause, shall...

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Section 9

Title: Power to amend Schedules

State: Central

Year: 2020

(1) If the Central Government is satisfied that it is necessary or expedient so to do, it may, by notification, add to or otherwise amend the First Schedule or the Second Schedule and thereupon, the First...