Alerts & Updates 7th Feb 2018
Further to various changes being introduced by the Government to reform the debt recovery and bankruptcy framework, the Reserve Bank of India vide its notification dated May 16, 2018 (“Notification”) (available here) has specified the alternative investment funds of Category II (“AIF Cat-II”) and alternative investment funds of Category III (“AIF Cat-III”) as “qualified buyers” (“QBs”) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”). Notably, the SARFAESI Act was amended vide the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, to bring a series of changes to the SARFAESI Act.
As per the Notification, in order to be eligible as QBs under the SARFAESI Act, AIF Cat-II and AIF Cat-III (either referred to as “AIF”), need to comply with following conditions:
As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.