Department of Financial Services (DFS) chaired a review meeting with senior officials, Public Sector Banks and the Insolvency and Bankruptcy Board of India (IBBI) to track progress of major IBC cases pending at the National Company Law Tribunal (NCLT).
Key Highlights of Meeting
- 20 high-value accounts resolved this year through admission/assignment/disposal at NCLT with coordinated efforts of stakeholders.
- Detailed review of 20 major accounts pending for admission and 10 accounts pending for resolution for faster progress.
- Banks were advised to adopt a collaborative approach to maximize asset value and improve recoveries.
- PSBs urged to minimize adjournments and delays in filing CIRP applications.
- CEOs of PSBs advised to closely monitor top pending IBC cases.
- Focus remains on expediting resolutions, reducing procedural delays, and strengthening recovery outcomes under the IBC framework.
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