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24 C ABM Rehabilitation and Recovery
What is the primary objective of rehabilitation of a sick industrial unit?
The primary objective is to revive and restore the unit to a viable state so that it can repay its dues, preserve employment, and contribute to the economy.
What is the time limit for completion of the Corporate Insolvency Resolution Process (CIRP) under IBC 2016?
180 days, extendable by 90 days with CoC approval.
As per RBI guidelines, when is a borrowal account classified as a Non-Performing Asset (NPA)?
An account is classified as NPA when interest or principal remains overdue for more than 90 days in the case of a term loan, or the account remains out of order for 90 days in case of cash credit or overdraft.
What is a 'Standstill Agreement' in the context of debt restructuring?
A temporary moratorium during which creditors refrain from enforcement actions.
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