The Department of Financial Services (DFS) on February 05, 2025, issued a notification after holding a meeting regarding doing away with the requirement of invoking the rectification module exclusively by Assistant General Manager and higher-ranking officials among the Secured Creditors.
The following has been stated namely: -
• It was decided to do away with the requirement of invoking the rectification module exclusively by Assistant General Manager and higher-ranking officials among the Secured Creditors
• Now, it can be executed by any officer who is authorized by the organization to initiate the rectification
• However, the Secured Creditors will have to nevertheless ensure that the rectification is requested owing to the omission or misstatement and the same was accidental or due to inadvertence or some other sufficient cause and is not to prejudice the position of creditors.
