Late Friday evening, administrator Rajnish Sharma informed potential applicants about the deadline extension. He said the resolution plans must strictly comply with the terms of the RFRP (reference for resolution plan) along with the submission of earnest money. The RFRP states that applicants must deposit earnest money of Rs 150 crore which would be forfeited if the Reserve Bank of India did not endorse the successful resolution applicant as "fit and proper".
