It is-process-oriented, in that it lays down, in detail, the various steps that need to be followed once a borrower is admitted for insolvency; and it is timeoriented because it specifies strict timelines for insolvency resolution, failing which the borrower would have to be taken into liquidation. 11.
The general approach of bankers to stress in large assets has been one of avoiding the de jure recognition of non-performance of such accounts. This is why we have a history of a large number of cases of failed restructuring as the schemes were used for avoiding a downgrade rather than resolving the asset.