A debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund I included as Interim Finance in the definition u/s 5(15)

A debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund I included as Interim Finance in the definition u/s 5(15)

Definition of Interim Finance under Sec. 5(15) as under:

“(15) “interim finance” means any financial debt raised by the resolution professional during the insolvency resolution process period and such other debt as may be notified.”

Notification
( 18th March, 2020)

S.O. 1145(E).—In exercise of the powers conferred by clause (15) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies a debt raised from the Special Window for Affordable and Middle-Income Housing Investment Fund I, for the purposes of the said clause.

Explanation.—For the purposes of this notification, the expression “Special Window for Affordable and Middle-Income Housing Investment Fund I” shall mean the fund sponsored by the Central Government for providing priority debt financing for stalled housing projects, as an alternate investment fund and registered with the Securities and Exchange Board of India, established under sub-section (1) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to provide financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.

 

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