I found the answer in an LSF way.
LSF does provide a way to quit a job if we its unable to schedule the resource. We hava a environment variable LSF_NIOS_PEND_TIMEOUT(specified in minutes) which quits the job, if its still in pending queue.
env LSF_NIOS_PEND_TIMEOUT=1 bsub -Is -m host /bin/bash
From Somewhere on the web:
LSF_NIOS_PEND_TIMEOUT
Syntax
LSF_NIOS_PEND_TIMEOUT=minutes
Description
Applies only to interactive batch jobs.
Maximum amount of time that an interactive batch job can remain pending.
If this parameter is defined, and an interactive batch job is pending for longer than the specified time, the interactive batch job is terminated.
Valid values
Any integer greater than zero