However, if at the end of the 180 days of first default, the borrower is in default to a bank, that bank is mandated to refer the case under IBC. So what the regulations require is that the borrower should not be in default- under the existing contract if there is no restructuring, and under the restructured repayment schedule if there is a restructuring.
So let me be crystal clear: there is a chatter that the new framework mandates unanimity across lenders but the fact of the matter is the exact opposite. We are not mandating anything on this aspect. In fact, the guiding principle of the framework is to impose as few mandatory prescriptions on the process as possible. 20.