Framework for Revival and Rehabilitation of MSME
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(c)<br />
(d)<br />
One independent external expert with expertise in Micro, Small <strong>and</strong><br />
Medium Enterprises related matters to be nominated by bank.<br />
One representative from the concerned State Government<br />
(2) The composition <strong>of</strong> the Committee, the terms <strong>of</strong> appointment <strong>of</strong> its<br />
members, the manner <strong>of</strong> filling vacancies, <strong>and</strong> the procedure to be<br />
followed in the discharge <strong>of</strong> the Committee's functions shall be as may be<br />
prescribed by the board <strong>of</strong> directors <strong>of</strong> the bank.<br />
4. Application to the Committee <strong>for</strong> a Corrective Action Plan<br />
(1) Any eligible stressed Micro, Small or Medium Enterprise or a bank or<br />
creditor which has provided credit facilities to such enterprise may file an<br />
application to the Committee in the manner specified by the Bank <strong>for</strong> a<br />
decision on a corrective action plan <strong>and</strong> the terms there<strong>of</strong>.<br />
Provided that if a Micro, Small or Medium Enterprise has availed <strong>of</strong> credit<br />
facilities from more than one bank, —<br />
(a)<br />
the application shall be made to the Committee <strong>of</strong> that bank to<br />
which the enterprise owes the maximum amount <strong>of</strong> debt;<br />
(b) the Committee shall Include representatives from other concerned<br />
banks in such proportion as maybe specified in the regulations<br />
prescribed by the Reserve Bank <strong>of</strong> India;<br />
(2) The participating banks or affected creditors shall cooperate with each<br />
other in all proceedings <strong>of</strong> the Committee.<br />
(3) In case <strong>of</strong> disagreement between the participating banks or affected<br />
creditors on any issue be<strong>for</strong>e the Committee or any matter contemplated<br />
in this <strong>Framework</strong>, such disagreement shall be resolved in accordance<br />
with regulations prescribed by the Reserve Bank <strong>of</strong> India.<br />
(4) The eligibility criteria <strong>and</strong> the grounds <strong>for</strong> filing an application <strong>and</strong> the<br />
time limits within which such application shall be made will be in<br />
accordance with the regulations prescribed by the Reserve Bank <strong>of</strong> India<br />
<strong>and</strong> only applications meeting the said eligibility criteria <strong>and</strong> grounds<br />
shall be admitted by the Committee.<br />
(5) Where an application is filed by a Micro, Small or Medium Enterprise, such<br />
application shall be -<br />
<strong>Framework</strong> <strong>for</strong> <strong>Revival</strong> <strong>and</strong> <strong>Rehabilitation</strong><br />
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