As the Reserve Bank of India (RBI) delays releasing guidelines for the so-called S4A (sustainable structuring of stressed assets) scheme, lenders to some of India’s most debt-ridden companies are keeping those accounts on standby. According to three bankers with knowledge of the matter, creditors of textile maker Alok Industries Ltd and Bhushan Steel Ltd have evaluated the books of these companies and are waiting for RBI to clear the path ahead for them to implement S4A. As of March 2016, Bhushan Steel had consolidated debt of Rs44,477.93 crore and Alok Industries Rs22,075.15 crore. RBI introduced the S4A scheme in June, allowing banks to convert as much as half the loans held by corporate borrowers into equity or equity-like securities.