The secretary, department of financial services (DFS), M. Nagaraju, chaired review meetings Thursday with stakeholders, including representatives from Public Sector Banks, the Insolvency and Bankruptcy Board of India (IBBI), the Ministry of Corporate Affairs (MCA), and the National Asset Reconstruction Company Limited (NARCL). He urged Banks to strengthen synergies with NARCL for timely and effective resolutions. It said that further, a committee under the chairpersonship of chairman, State Bank of India (SBI), would examine and submit a fresh list of accounts for transfer to bolster the resolution pipeline and align the process with its intended objectives.
The meetings focused on enhancing the efficiency of asset resolutions through NARCL and the National Company Law Tribunal (NCLT). “Delays in admitting Corporate Insolvency Resolution Process (CIRP) applications at NCLT benches were a key point of discussion. A review of the top 20 pending cases was conducted to outline actions for expedited proceedings,” a finance ministry statement said.
