Vidarbha Industries Association
Ref; VIA/Help Desk/2015
July 8, 2015
To : All Members
Sub : Framework for Revival and Rehabilitation of MSMEs.
Dear Sir / Madam,
The Govt. of India has notified the instructions for the Framework of Revival and Rehabilitation of MSMEs, which have came into force from 29th May 2015. This is mainly to first identify incipient stress in the account of MSMEs by creating three sub categories under Special Mention Account [SMA] category as under :
|SMA A/c.Sub Categories||Basis of Classification|
|SMA-0||Principal or interest payment not overdue for more than 30 daysbut account showing signs of incipient stress.|
|SMA-1||Principal or interest overdue between 31-60 days.|
|SMA-2||Principal o interest overdue between 61-90 days.|
and thereafter to take appropriate steps for revival and rehabilitation.
Committee for stressed MSME.
In short, there will be a committee for stressed MSMEs for deciding a corrective action plan. Either the enterprise or the bank or creditor will file an application in the said committee which will take appropriate decision about the rectification/restructuring/recovery etc.
Composition of the Committee:
For details; Notification is fully available on website
copy available at VIA.
This is for your information and appropriate action.
Please fill out the form below.