Section 8: Application for insolvency proceedings

1) Notwithstanding anything contained in Section 4, no application may be made to the Court for insolvency proceedings in relation to the following company without obtaining prior approval of the following authority:

(a) In the case of a bank or financial institution carrying on banking and financial business, the Nepal Rastra Bank, or
(b) In the case of an insurance company carrying on insurance business, the Insurance Board formed pursuant to the Insurance Act, 2049, or
(c) In the case of a company which cannot undergo voluntary liquidation without the approval of the competent body or
authority, except that mentioned in Clause (a) or (b), such authority.

2) Every application to be made for insolvency proceedings in relation to a company mentioned in sub-section (1) shall be accompanied by a copy of the approval given by the authority set forth in that sub-section for that purpose.