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A panel led by Mr C Rangarajan has, in-principle, agreed on a formula that will allow highway developers in stressed projects to back-end majority of their annual premium payable to the government. Under the prescription being worked out, concessionaires are likely to be allowed to postpone up to 75% of their annual premium bid in the first three years of the restructuring period and 50% after that. It is also unlikely that any penalty will be imposed on developers opting for this rescue measure as originally suggested by finance ministry. In projects involving expansion to six lanes, in the first three years, which is essentially the construction period, developers would have to pay only 25% of the annual premium payable up-front, while the rest can be rescheduled. In projects involving expansion to four lanes, the same formula will be applicable after the commercial date of operations.