India’s largest public lender the State Bank of India’s (SBI) Chairman Rajnish Kumar has said that given the current situation of the bank, every day in the morning he prays to the lord in search of resolution.
“Every morning I look at the sky and pray for the resolution of big accounts that are doing the rounds of insolvency courts. There are many accounts in the final stages of resolution in National Company Law Tribunal (NCLT),” Kumar said.
He, however, said he is hopeful that some resolution will happen in the near future.
There are a lot many factors that determine if Kumar’s wishes will be answered or not. One of the main factors is how fast the insolvency courts resolve big cases, such as Essar Steel, which is still pending and has stretched beyond the 270 days stipulated by the Insolvency and Bankruptcy Code. However, 14 insolvency courts are still working on 2,192 insolvency cases, with many of these cases languishing in litigation.