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Notification dated 29.05.2015 issued by Central Government under MSMED Act mandates Banks/NBFCs to follow restructuring process for MSMEs without application. RBI revised Framework on 17.03.2016 for compatibility with regulatory guidelines. Banking Regulation Act empowers RBI to frame policy and give directions to banks regarding advances, which have statutory force. Banks, though secured creditors under SARFAESI Act, are bound to follow Framework before classifying MSME loan as NPA. MSMEs must also vigilantly follow process and produce documents to avail Framework benefits. High Court erred in holding Banks not obliged to adopt restructuring process on their own and Framework not mandatory. Impugned order set aside, appeal allowed.
Notification dated 29.05.2015 issued by Central Government under MSMED Act mandates Banks/NBFCs to follow restructuring process for MSMEs without application. RBI revised Framework on 17.03.2016 for compatibility with regulatory guidelines. Banking Regulation Act empowers RBI to frame policy and give directions to banks regarding advances, which have statutory force. Banks, though secured creditors under SARFAESI Act, are bound to follow Framework before classifying MSME loan as NPA. MSMEs must also vigilantly follow process and produce documents to avail Framework benefits. High Court erred in holding Banks not obliged to adopt restructuring process on their own and Framework not mandatory. Impugned order set aside, appeal allowed.
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