Banks/NBFCs required to Follow MSME Restructuring Process before NPA Classification: Supreme Court reverses Bombay HC decision [Read Judgement]
It was observed that the High Court's ruling was erroneous, which had stated that banks were not required to independently adopt the restructuring process outlined in the Framework dated May 29, 2015
By Navasree A.M - On August 4, 2024 9:32 am - 2 mins read
The Supreme Court ruled that the banks and NBFCs ( Non-Banking Financial Corporations ) are required to follow the restructuring process of the MSME as contemplated in the Notification dated 29th May, 2015 before the NPA ( Non- Performing Assets ) classification. The appellants, registered as Micro, Small, and Medium Enterprises ( MSMEs ) under…
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