The Reserve Bank decided that rather than having two process-oriented frameworks, it would be beneficial to have two complementary frameworks that seamlessly align with each other – one which provides full flexibility for out-of-court workouts to be explored within a reasonable period after default, failing which, the other, viz., the statutory process under the IBC would kick in. 15.
Ben S Bernanke: Semiannual Monetary Policy Report to the Congress Testimony of Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington DC, 27 February 2008.