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Important Laws Relating to Recovery of Dues
Under the RBI Framework for Resolution of Stressed Assets for MSMEs, what is the maximum resolution period permitted before invoking IBC?
The maximum permitted resolution period is 180 days from the date of default, within which the bank must finalise a resolution plan.
Under SARFAESI Act 2002, what must be the status of an account before a secured creditor can issue a Section 13(2) demand notice?
The account must be classified as Non-Performing Asset (NPA)
What is the central tool used under the RBI Framework for Resolution of Stressed Assets for MSMEs?
The central tool is the resolution plan, which the bank must finalise within 180 days from default before invoking IBC.
Under SARFAESI Act Section 13(2), how many days does a borrower have from the date of notice to repay the outstanding dues?
60 days
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