BBIL is an unlisted public company. The company is in insurance business. BBIL has incurred huge losses and applied for striking off its name after making due payments to all the creditors. The Registrar of Companies req

As per Rule 4 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, No Objection Certificate (NOC) from appropriate Regulatory Authority concerned is required in case a company is regulated under a special Act which shall be attached to the application in Form No. STK-2. The said NOC is required in case of the following companies: Companies which have conducted or conducting non-banking financial and investment activities as referred to in the Reserve Bank of India Act, 1934 or rules and regulations thereunder; Housing finance companies as referred to in the Housing Finance Companies (National Housing Bank) Directions, 2010 issued under the National Housing Bank Act, 1987; Insurance companies as referred to in the Insurance Act, 1938 or rules and regulations thereunder; Companies in the business of capital market intermediaries as referred to in the Securities and Exchange Board of India Act, 1992 or rules and regulations thereunder; Companies engaged in collective investment schemes as referred to in the Securities and Exchange Board of India Act, 1992 or rules and regulations thereunder; Asset management companies as referred to in the Securities and Exchange Board of India Act, 1992 or rules and regulations thereunder; Any other company which is regulated under any other law for the time being in force. Accordingly, BBIL is required NOC from the appropriate regulatory authority under Insurance Act, 1938 i.e. Insurance Regulatory and Development Authority of India (IRDAI).