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Updates from Managing Partner
Salient Features of the Insolvency and Bankruptcy (Amendment) Ordinance, 2018
1) Limitation Act applicable to insolvency proceedings – section 238A introduced
2. Amount raised from allottee of a real estate project is included in the definition of financial debt.
3. Section 30 now requires a mandatory certificate on affidavit for eligibility as a resolution applicant
4. Section 9(3)(c) certificate is now to be filed “if available”
5. Section 12A introduced to recognise settlement after the commencement of insolvency
6. Surety in a contract of guarantee to a corporate debtor is not covered in the moratorium under section 14.
7. Section 22 to confirm IRP to RP – now only 66% votes needed at COC not 75%
8. Section 23- RP to manage the company till resolution plan is approved by the adjudicating authority. Section 31(4) introduced that RP is to get plan approved with all permissions within 1 year of approval of resolution plan by COC
9. Section 30(2) (f) if plan requires approval of shareholders then the same is deemed to be given
10. Proviso to section 434 Companies Act has been introduced that where a winding up petition is pending in the high court the petitioner may apply for transfer of proceeding to the Adjudicating Authority and to treat the petition as one under the insolvency code.
2) RBI gives big relief to MSME sector
Providing major relief to the MSME sector, RBI today eased NPA classification norms for such units facing input credit linkages and associated issues.
"In continuation of support and relief to MSMEs, NPA recognition for GST and non GST MSMEs now at 180 days for dues up to December 31, 2018.
In February, banks and NBFCs were allowed to temporarily classify their exposures to the Goods and Services Tax (GST) registered Micro, Small and Medium Enterprises (MSMEs), having aggregate credit facilities from these lenders up to Rs 25 crore, as per a 180 day past due criterion.
"This was done with a view to ease the transition of MSMEs to the formalised sector post their registration under the GST," RBI said in the monetary policy review.
"Having regard to the input credit linkages and associated issues, it has now been decided to temporarily allow banks and NBFCs to classify their exposure, as per the 180 day past due criterion, to all MSMEs with aggregate credit facilities up to the above limit, including those not registered under GST," it said.
Accordingly, eligible MSME accounts, which were standard as on August 31, 2017, shall continue to be classified as standard by banks and NBFCs "if the payments due as on September 1, 2017 and falling due thereafter up to December 31, 2018 were/are paid not later than 180 days from their original due date", it added.
June 08, 2018