The Reserve Bank has informed the Supreme Court that borrowers opting for resolution of COVID-related stressed loans are not required to submit any specific plans. .In FAQs on Resolution Framework for COVID-19 related stress, the RBI has said that borrowers can invoke the resolution framework by merely submitting a request to the lending institutions. .RBI loan moratorium scheme: Why should credit card users get benefit? Supreme Court to Centre .RBI had earlier announced a resolution framework to help the entities facing financial stress on account of disruption in normal business activity on account of Coronavirus pandemic..The additional affidavit submitted by RBI on Saturday extracts the relevant portion of the FAQ. "Does invocation under the Resolution Framework require the borrowers to submit any specific resolution plan and the lenders to agree on implementation of the same before December 31, 2020?" the questions reads.It has been answered as follows:."Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation.Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for being considered under the Resolution Framework. Thereafter, the lending institutions will take an in-principle decision – as per their Board approved policy – on invoking the Resolution Framework.".Banks to be guided by scheme to pay difference between compound and simple interest: RBI to Supreme Court.RBI has stated that after such invocation, the specific contours of resolution plan to be implemented may be decided by the lending institutions, in consultation with the borrower.."While for personal loans the resolution plan is to be implemented within 90 days from the date of invocation, for all other loans a period of 180 days from the date of invocation has been prescribed," it has been submitted. .As per the FAQs, restructuring in respect of projects under implementation involving deferment of DCCO (date of commencement of commercial operations) are excluded from the scope of the Resolution Framework..The banking regulator emphasised that the extant regulations and the other relevant instructions as applicable to specific category of lending institutions, already permit revisions of the DCCO and consequential shift in repayment schedule without being treated as restructuring subject to a maximum of four years in the case of infrastructure projects and a maximum of two years in the case of non-infrastructure projects (including commercial real estate exposures).