Exemption for micro small and medium enterprises: certain disqualifications under insolvency law do not apply to resolution applicants. Insertion of section 240A excludes clauses (c) and (h) of section 29A from applying to a resolution applicant in the corporate insolvency resolution process of micro, small and medium enterprises. The Central Government may, by notification, exempt MSMEs from any provision of the Code or apply provisions with specified modifications; draft notifications are to be laid before both Houses of Parliament for thirty days, and notifications may be withheld or modified if both Houses so agree. Issued notifications must be laid before Parliament. MSME meaning follows section 7(1) of the MSME Development Act, 2006.