New Delhi, July 2 -- The Micro Small and Medium Enterprises (MSMEs) hit by Covid pandemic may have something to cheer at last.
Insolvency and Bankruptcy Board of India (IBBI) has formulated a Special Resolution Process (SRP) for MSMEs who find their financial position unmanageable due to Covid crisis.
While presenting the Atma Nirbhar Bharat package Finance Minister had announced to come out with a Special insolvency resolution framework for MSMEs under section 240A of the Insolvency and Bankruptcy Code.
According to sources close to the development, the scheme would be available to corporate MSMEs, that is, units incorporated as Companies or LLP.
The salient features of the scheme are proposed to be:
· If an MSME finds it ...