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The company had also been present process the Joint Lender’s Discussion board (JLF) course of under the aegis of RBI. Before IBC was enacted, RBI had issued the JLF Tips in 2014. These Guidelines provided that on fee default by a corporate debtor in a consortium lending association, the lenders had been required to form a JLF to explore choices to resolve the stress of the debtor. Any restructuring decision agreed upon by 75{84403f9406f5c9c83aa74f44e8cdb79637a053930997f9971640f91641a32664} of creditors by worth and 60{84403f9406f5c9c83aa74f44e8cdb79637a053930997f9971640f91641a32664} of collectors by quantity in the JLF would be binding on all lenders. To facilitate well timed determination making by the JLF, on Might 5, 2017, RBI issued another notification reducing this threshold to 60{84403f9406f5c9c83aa74f44e8cdb79637a053930997f9971640f91641a32664} of creditors by value and 50{84403f9406f5c9c83aa74f44e8cdb79637a053930997f9971640f91641a32664} of creditors by quantity within the JLF.

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