Quick Summary
The Finance Ministry has advised banks to adopt a collaborative and proactive approach in resolving pending Insolvency and Bankruptcy Code (IBC) cases to maximise asset value, improve recoveries and ensure time-bound resolution of stressed assets. The direction came during a review meeting chaired by Financial Services Secretary M. Nagaraju, who assessed the progress of major insolvency cases currently pending before the National Company Law Tribunal (NCLT. Review of High-Value Insolvency Ca
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FAQ :
The Finance Ministry is urging banks to adopt a collaborative and proactive approach to resolve pending IBC cases quickly, aiming to maximise asset value and improve recoveries.
Faster resolution of IBC cases helps maximise asset value, improve recovery rates for lenders, and contributes to overall economic stability.
Banks are encouraged to minimise adjournments and procedural delays, file Corporate Insolvency Resolution Process (CIRP) applications promptly, and coordinate efficiently with lenders.
The chief executives of all public sector banks (PSBs) have been advised to closely monitor the progress of key insolvency cases pending before the NCLT.
Approximately 20 high-value stressed accounts have already been resolved through admission, assignment, or disposal at the tribunal.
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