Section 88O: Application for Liquidation May be Made

1) If the process of resolution, which was started by the Bank regarding any commercial bank or financial institution is concluded or if the Bank believes in the matter, on the ground of the recommendation furnished by Special Administration Team regarding this or on other grounds as well, before that process is concluded, that such commercial bank or financial institution cannot be properly operated, it can furnish application to the court for the sake of liquidating such commercial bank or financial institution.

2) When the Bank furnishes an application for the sake of liquidation as per sub-section (1), sub-section (3) of Section 10 of Section 13 of the Insolvency Act, 2063 shall not be applied regarding such a commercial bank or financial institution.

3) When the Bank furnishes an application as per sub-section (1), the court can give an order to appoint a liquidator for the sake of the liquidation of such a commercial bank or financial institution.