FinMin advises banks to speed up IBC resolutions

The finance ministry has advised banks to take a collaborative approach in the resolution of pending Insolvency and Bankruptcy Cases (IBC) for asset value maximisation, improving recoveries, and ensuring time-bound objectives.

Financial services secretary M. Nagaraju on Monday took a review meeting to monitor the progress in top IBC cases pending for admission and resolution at the National Company Law Tribunal (NCLT). "It was informed that twenty high-value accounts have been resolved through admission, assignment or disposal at NCLT with the coordinated efforts of all stakeholders," the ministry noted in a statement, adding that a detailed review of the top twenty accounts pending for admission and ten accounts pending for resolution was undertaken for early expedition.

The finance ministry further stated that banks were urged to increase their efforts in minimising the number of adjournments and delays in filing CIRP applications. The chief executives of all PSBs were advised to keep monitoring the top cases pending for admission and resolution, it said, adding that issues related to pending IBC cases were also addressed.