The Reserve Bank of India(RBI) has issued a revised prudential framework for resolution of stressed assets.
This revised circular was issued after Supreme Court had declared the RBI’s February 12 circular on the resolution of stressed loans as unconstitutional.
This framework will apply to accounts worth Rs 2,000 crore and above but from January 1,2020 amount of Rs 1,500 crore and above will fall under this framework.
The three major changes mark the new circular (a)RBI has made it voluntary for lenders to take defaulters to the bankruptcy court (b)the framework now applies to a larger universe of lenders which includes small banks and non-banking finance companies(NBFCs) and (c)penal provisions have also been introduced for lenders.
Further,the new norms leave it to the discretion of lenders and give them 30 days to start working on a resolution plan from the day of default. Earlier norms stipulated that even a one-day default must be reported and acted upon.
The RBI has also changed its earlier norm of 100% mandatory approval from creditors for a resolution plan and has allowed approval of 75% of creditors.
The new circular provides for a framework for early recognition,reporting and time-bound resolution of bad loans.The RBI has said that lenders shall recognise emerging stress in loan accounts immediately on default by classifying such assets as special mention accounts(SMA).
The RBI circular has also mandated signing of intercreditor agreement (ICA) by all lenders.The agreement will provide for rights and duties of majority lenders,duties and protection of the rights of dissenting lenders, treatment of lenders with priority in cash flows or differential security interest.
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