Shri M. Nagaraju, Secretary of the Department of Financial Services, chaired a review meeting to assess the progress of Public Sector Banks in clearing pending cases at the National Company Law Tribunal (NCLT). The meeting focused on enhancing the effectiveness of the insolvency resolution process by urging banks to expedite CIRP filings, minimize delays, and oppose frivolous adjournments. Banks were advised to regularly review their top twenty cases, monitor those pending with the Committee of Creditors for over three months, and work to vacate stay orders to resume resolution swiftly. The session emphasized strengthening recovery efforts through coordinated actions to ensure a more efficient and robust insolvency resolution framework.
Banks Urged To Expedite Insolvency Resolution Process at NCLT
