Master Circular -Lending to Micro, Small & Medium Enterprises (MSME) Sector

NOTE: This is extremely important for creditors/banks (secured or unsecured) of Companies registered before BIFR. On this basis, the party can pray for dismissal of reference as BIFR is divested of its jurisdiction. Further, it doesn't matter if at the time of reference the Company was not a small-scale industry. It has been held that when a company falls within this category, reference becomes infructuous. At present there are many cases where this provision is overlooked.