https://www.taxtmi.com/caselaws?id=458782 The 29 May 2015 MSME notification was construed as a borrower-initiated restructuring framework triggered by an MSME application supported by an authorised affidavit on incipient stress; banks and NBFCs were not required to commence restructuring suo motu. On that reading, non-compliance with the framework did not, by itself, invalidate classification of the account as an NPA or the ensuing SARFAESI recovery measures. The Bombay HC therefore rejected the contention that the notification created a mandatory precondition to NPA classification or enforcement action. en-us Thu, 11 Jan 2024 00:00:00 +0530 Fri, 15 Nov 2024 18:59:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458782 The 29 May 2015 MSME notification was construed as a borrower-initiated restructuring framework triggered by an MSME application supported by an authorised affidavit on incipient stress; banks and NBFCs were not required to commence restructuring suo motu. On that reading, non-compliance with the framework did not, by itself, invalidate classification of the account as an NPA or the ensuing SARFAESI recovery measures. The Bombay HC therefore rejected the contention that the notification created a mandatory precondition to NPA classification or enforcement action. Case-Laws Indian Laws Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458782