Section 2. Definitions

2. Definitions. —(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, composition with creditors, receivership, conservatorship or any proceedings of nature similar to or resulting in any of the foregoing, initiated or commenced under any law for the time being in force, against a qualified financial market participant; (b) "administration practitioner" means the liquidator, receiver, trustee, conservator, resolution professional or any other person or entity, by whatever name called, which administers the affairs of a party subject to administration under any law for the time being in force; (c) "authority" means the Central Government or any of the regulatory authorities as specified in the First Schedule; (d) "banking institution" means,— (i) scheduled bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934); and (ii) any other bank as the Reserve Bank of India may specify; (e) "close-out netting" means a process involving termination of obligations under a qualified financial contract with a party in default and subsequent combining of positive and negative replacement values into a single net payable or receivable as set out in section 6; (f) "collateral" means,— (i) money, in the form of cash, credited to an account in any currency, or a similar claim for repayment of money, such as a money market deposit; (ii) securities of any kind, including debt and equity securities; (iii) guarantees, letters of credit and obligations to reimburse; and (iv) any asset commonly used as collateral under any law for the time being in force;