The inter-creditor agreement (ICA) is a government initiative to facilitate faster resolution of bad loans. It covers all corporate borrowers with loans of Rs. 50 crore or more under consortium lending. The lenders under the ICA jointly appoint a lead lender (having the highest exposure) who puts forth a resolution plan for approval by 66% majority. If any lender dissents, the lead lender will have the right but not the obligation to arrange for buy-out of the exposure of the dissenting lenders at a value that is equal to 85% of the lower of liquidation value or resolution value.