New Delhi: M Nagaraju, IAS, Secretary of the Department of Financial Services (DFS), chaired a high-level meeting to assess the status of major cases under the Insolvency and Bankruptcy Code (IBC) that are awaiting admission or resolution before the National Company Law Tribunal.
Senior officials from the DFS, leadership of public sector banks, and representatives from the Insolvency and Bankruptcy Board of India participated in the review. The discussions focused on monitoring the progress of significant insolvency cases and identifying ways to accelerate their resolution.
During the meeting, officials noted that coordinated efforts by lenders and other stakeholders had led to the resolution of 20 high-value accounts this year through processes such as admission, assignment, and disposal before the tribunal. The progress in these cases was acknowledged as a positive step towards improving recovery outcomes.
The review also examined 20 major cases awaiting admission and 10 cases pending resolution, to speed up proceedings.
Various procedural and operational challenges associated with these matters were discussed and banks were encouraged to work together more closely to enhance asset value, improve recoveries and ensure that timelines under the insolvency framework are adhered to.
Lenders were also asked to reduce delays caused by repeated adjournments and ensure the timely filing of applications under the corporate insolvency resolution process.
Chief executives of public sector banks were advised to maintain close oversight of key cases that are yet to be admitted or resolved.
The meeting concluded with a call to remove procedural bottlenecks and push for quicker settlement of pending insolvency matters to strengthen recovery mechanisms under the IBC framework.
