As I have emphasized, the revised framework relies more on outcome check rather than process check. The lenders have complete freedom to decide on the contours of the resolution plan. However, the credibility of the resolution plan is sought to be ensured through the requirement of independent credit evaluation by credit rating agencies.
To ensure greater credibility of the rating opinion, contrary to the “issuer pays” model of credit rating, the new framework prescribes “user pays” model for credit opinions – user here being the banks.