Valuation treatment for pandemic-related payment delays may not be treated as default; conservative valuation required. Valuation agencies appointed by AMFI may, after assessment, refrain from treating delays in payment of interest or principal or extensions of maturity as a default if such delays arose solely from the COVID 19 lockdown and/or the RBI permitted moratorium; where two agencies differ, the conservative valuation shall be accepted, and this modification applies only for the RBI moratorium period while AMCs remain responsible for fair valuation under the Principles of Fair Valuation.