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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 240A of Insolvency Code Offers MSMEs Exemptions in Insolvency Process, Modifications Subject to Parliamentary Approval.</h1> Section 240A of the Insolvency and Bankruptcy Code, introduced by the Second Amendment Act of 2018, provides specific exemptions for micro, small, and medium enterprises (MSMEs) in the corporate insolvency resolution process. It exempts these enterprises from certain restrictions under clauses (c) and (h) of section 29A. The Central Government is empowered to modify the application of the Code to MSMEs in the public interest through notifications, subject to parliamentary oversight. Notifications must be reviewed by Parliament, and any disapproval or modifications agreed upon by both Houses must be adhered to before issuance. The definition of MSMEs aligns with the Micro, Small and Medium Enterprises Development Act, 2006.
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