Pending Cases
Banking secy Nagaraju urges PSU banks to expedite pending NCLT, insolvency cases
This story was originally published at 22:32 IST on 8 May 2025
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NEW DELHI – Department of Financial Services Secretary M. Nagaraju Thursday urged state-owned banks to expedite pending corporate insolvency cases they were involved in. He chaired a review meeting to monitor the progress on clearing pending cases for the National Company Law Tribunal, the finance ministry said in a release.
"The banks were advised to expedite the resolution process by minimising delays in filing CIRP (Corporate Insolvency Resolution Process) applications, avoiding asking for unnecessary adjournments and simultaneously keeping other channels of recovery open," the release said.
The aim of the meeting was to ensure a more robust and efficient resolution process and strengthen the recovery framework, the release said. The secretary told banks to review their top 20 cases regularly and focus on getting stay orders vacated in order to resume the resolution process. Further, he told the banks to monitor accounts where resolution plans were pending for consideration with the Committee of Creditors for more than three months.
A detailed review of cases pending for admission to the tribunal was undertaken, the release said. The meeting was attended by senior officials of the department of financial services, the corporate affairs ministry, the Insolvency and Bankruptcy Board of India and the top management of public sector banks. End
Reported by Aaryan Khanna
Edited by Akul Nishant Akhoury
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