New Delhi, March 9 Secretary of the Department of Financial Services, M Nagaraju, chaired a review meeting on Monday to monitor the progress in top insolvency and bankruptcy cases pending for admission and resolution at the National Company Law Tribunal (NCLT).
The meeting was attended by senior officials from the DFS, the top management of Public Sector Banks, and the Insolvency and Bankruptcy Board of India.
"A detailed review of the top 20 accounts pending for admission and 10 accounts pending for resolution was undertaken to expedite pending cases," a statement from the Ministry of Finance said.
During the deliberations, issues related to the pending IBC cases were addressed. Banks were advised to adopt a collaborative approach in resolving pending cases to maximize asset value, improve recoveries, and ensure time-bound objectives, the statement added.
Banks were urged to increase their efforts in minimizing adjournments and delays in filing Corporate Insolvency Resolution Process (CIRP) applications. The Chief Executives of all Public Sector Banks were advised to continue monitoring the top cases pending for admission and resolution.
The meeting emphasized expediting the resolution of pending cases and addressing procedural inefficiencies to improve recovery outcomes, the ministry said.