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ARTICLE · 23 OCTOBER 2015

Strategic Debt Restructuring Scheme

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By its circular DBR.BP.BC.No.101/21.04.132/2014-15 dated 08 June 2015 ("Circular"), the Reserve Bank of India ("RBI") has introduced the Strategic Debt Restructuring Scheme...

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By its circular DBR.BP.BC.No.101/21.04.132/2014-15 dated 08 June 2015 ("Circular"), the Reserve Bank of India ("RBI") has introduced the Strategic Debt Restructuring Scheme ("SDR") that may be undertaken by banks for the revitalization of distressed assets. Pertinently RBI's circular on Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders' Forum ("JLF") and Corrective Action Plan dated 26 February 2014, provided that the lenders may consider the possibility of change in the management of the borrower as a part of restructuring of stressed assets.

Vide this Circular, the RBI has facilitated banks with certain powers and also specified procedures to initiate a change in ownership in accounts that have failed to achieve projected viability milestones and/ or adhere to the critical conditions. The important features of the SDR are encapsulated below:

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