Special Situation Funds: new AIF rules set corpus, investor eligibility, stressed loan conditions and due diligence obligations. Special Situation Funds as a Category I AIF sub-category require a prescribed minimum corpus and tiered minimum investor commitments, include a carve out for internal employees and directors, and must meet Insolvency and Bankruptcy Code eligibility when acting as resolution applicants. SSF may acquire stressed loans only after inclusion in the RBI Annex, subject to a general lock in except upon borrower recovery, and must apply investor due diligence standards equivalent to those for Asset Reconstruction Company investors.
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Provisions expressly mentioned in the judgment/order text.
Special Situation Funds: new AIF rules set corpus, investor eligibility, stressed loan conditions and due diligence obligations.
Special Situation Funds as a Category I AIF sub-category require a prescribed minimum corpus and tiered minimum investor commitments, include a carve out for internal employees and directors, and must meet Insolvency and Bankruptcy Code eligibility when acting as resolution applicants. SSF may acquire stressed loans only after inclusion in the RBI Annex, subject to a general lock in except upon borrower recovery, and must apply investor due diligence standards equivalent to those for Asset Reconstruction Company investors.
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