GoM mulls budget support of Rs 750 cr to clear dues of 28 PSUs

NEW DELHI: A Group of Minister on Statutory dues of sick PSUs is believed to be considering a budgetary support of around Rs 750 crore to clear the outstanding dues of 28 sick PSUs.
With total outstanding dues of 66 sick PSUs pegged at over Rs 2,100 crore, the GoM headed by Deputy Chairman Planning Commission K C Pant in its meeting on Thursday also decided that PSUs which could liquidate dues from internal resources or sale of assets should be asked to take time-bound action.
According to official sources, while six PSUs are in a position to liquidate their dues, seven enterprises would be able to clear dues up to Rs 535 crore from internal resources. In addition to this 15 enterprises would be able to clear dues of upto Rs 495 crore through disposal of assets.
Concered over the mounting of these dues in the midst of a cumbersome and time consuming winding up process, the GoM has also asked Heavy Industry Ministry to look for a legal remedy in consultation with the Law Ministry.
"To the extent that there are certain legal differences that were referred to, the concerned ministry with the law ministry will look into it," Deputy Chairman Planning Commission K C Pant, said after the meeting here.
Without getting into specific details, Pant said, the GoM which will meet again after six weeks, also decided that any fresh decisions that need to be taken will be taken to the cabinet.
The meeting, discussed the need for having in place a legal provision under which PSUs referred to the Board for Industrial and Financial Reconstruction (BIFR) could be pulled out from its purview for expediting its liquidation.