9911796707
TMI BlogAmendment of section 29A.X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided further that nothing in this clause shall apply to a resolution applicant where such applicant is a financial entity and is not a related party to the corporate debtor. Explanation I.-For the purposes of this proviso, the expression related party shall not include a financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares, prior to the insolvency commencement date. Explanation II.-For the purposes of this clause, where a resolution applicant has an account, or an account of a corporate debtor under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor by the resolution applicant pursuant to a resolution plan approved under this Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and such resolution applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction; ; (v) in clause (h),- (A) for the words an enforceable guarantee , the words a guarantee shall be substituted; (B) after the words under this Code , the words and such guarantee has been invoked by the creditor and remains unpaid in full or part shall be inserted; (vi) in clause (i), for the words has been , the word is shall be substituted; (vii) the Explanation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Understanding; (c) any investment vehicle, registered foreign institutional investor, registered foreign portfolio investor or a foreign venture capital investor, where the terms shall have the meaning assigned to them in regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999 (42 of 1999); (d) an asset reconstruction company registered with the Reserve Bank of India under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (e) an Alternate Investment Fund registered with the Securities and Exchange Board of India; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
