PNB organizes workshop on Insolvency Resolution Framework in India

By Sarkaritel April 9, 2019 19:52

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Punjab National Bank (PNB), the country’s leading Public Sector Bank, organized a workshop on Insolvency Resolution Framework in India at its Multipurpose Hall at Corporate Office, Dwarka, Sector -10, New Delhi .

The workshop was graced by Shri Injeti Srinivas (IAS) Secretary, and Shri Gyaneshwar Kr. Singh (IP&TA & FS), Joint Secretary, Ministry of Corporate Affairs, Government of India. Shri L.V. Prabhakar & Shri Agyey Kr. Azad, Executive Directors of PNB , Executive Directors from Insolvency and Bankruptcy Board of India ( IBBI) and senior officials from 17 major Banks of India participated in the workshop. The inaugural address was made by Shri Sunil Mehta, Chairman Indian Banks Association and Managing Director & CEO of PNB. Welcoming the participants, Shri Mehta stressed upon the importance of Insolvency and Bankruptcy Code 2016 (IBC) as a very effective forum for resolution of stressed assets in India. At the same time, he underlined some of the alternative forums (other than IBC) which are already in existence. These may also be explored and made use of effectively, before resorting to IBC. He stressed the need of making quick decisions and co-operation among the corporate lenders for early resolution of stressed assets.

Shri Injeti Srinivas, IAS delivered the keynote address and stressed on the efficacy of IBC, especially the positive change in behavioral aspect among the defaulters and erring Corporates towards resolution of the stressed assets. IBC has sensitized the defaulting Corporates on a cutting edge level. However, he emphasized that resorting to IBC should be the last resort of the stake holders.