DFS secretary reviews progress of IBC cases pending for NCLT admission

New Delhi, Mar 9 (PTI) The Department of Financial Services Secretary M Nagaraju, on Monday, chaired a review meeting to monitor the progress in top Insolvency and Bankruptcy Cases (IBC) pending for admission and resolution at the National Company Law Tribunal (NCLT).

The meeting was attended by senior officials of 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 for early expedition of pending cases," a finance ministry statement said.

During the deliberations, the issues related to pending IBC cases were addressed. Banks were advised to take a collaborative approach in the resolution of pending cases for asset value maximization, improving recoveries, and ensuring time-bound objectives, the statement added.

Banks were urged to increase their efforts in minimizing the number of adjournments and delays in filing CIRP (Corporate Insolvency Resolution Process) applications. The Chief Executives of all PSBs were advised to keep monitoring the top cases pending for admission and resolution.

The meeting emphasised expediting the resolution of pending cases and addressing procedural inefficiencies for improving recovery outcomes, the ministry said. PTI JD DRR