The Securities and Exchange Board of India (“SEBI”), in a circular dated 31st August, 2020, has informed that in case the restructuring by the lenders/ investors is solely due to COVID-19 related stress or as per the resolution framework for COVID-19 related stress as issued by the Reserve Bank of India , Credit Rating Agencies will not consider the same as a default event and/or recognize the same as default.
SEBI has allowed the above relaxation till 31st December, 2020.
Source: Securities and Exchange Board of India
