"NBFCs being part of the financial institutions that lend to various sectors, also undertake restructuring of advances, either as part of a consortium or otherwise. "It has therefore been decided to harmonise the guidelines on restructuring of advances with that of banks," RBI said in notification.
As a result of this move, there is now a harmonisation of corporate debt restructuring (CDR) norms across the financial sector. For NBFCS, RBI said, mere extension of Date of Commencement of Commercial Operations (DCCO) up to a specified period, will not tantamount to restructuring for infra, non-infra and CRE (Commercial Real Estate) projects.
Also Read: Asset reconstruction co can convert debt into equity, says RBI
It added: "Special asset classification benefit will be made available to CDR and consortium cases including SME debt restructuring mechanism, apart from infrastructure and non-infrastructure project loans subject to certain conditions." The benefit will however be withdrawn with effect from April 1, 2015 with the exception of provisions related to changes in DCCO in respect of infrastructure as well as non-infrastructure project loans.
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