PSBs Advised To Monitor Top 20 Insolvency Cases, Says Financial Services Secretary

Friday’s meeting served as a preparatory session for the meet to discuss functioning of the NARCL with the Finance Minister, Joshi said.

The meeting was attended by SBI Chairman Dinesh Khara and other MDs and CEOs/EDs of banks, including that of PSBs and the chairmen of NARCL and the India Debt Resolution Co..

During the meeting, NARCL and banks flagged challenges faced by them, according to a press release on the matter.

“Further, deliberations of processes that could lead to minimising the time taken for the acquisition process were done. The issues pertaining to inter-se creditors arising due to differential security structures, additional collaterals, exclusive securities, which lead to longer time frame, were also discussed,” it said.

In response to a Rajya Sabha query during the recently concluded Parliament winter session, the Finance Ministry said that 10 public sector banks have assigned a total debt of Rs 11,617 crore to the NARCL, since the start of the calendar year until November 2023. This is against an original aim of Rs 2 lakh crore set in September 2021.

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