Banking Secretary reviews top insolvency resolution cases pending at NCLT
ADVERTISEMENT
Financial services secretary M. Nagaraju chaired a review meeting today to discuss issues related to pending IBC cases. Senior officials from DFS, the Insolvency and Bankruptcy Board of India, and the top management of Public Sector Banks attended the meeting.
According to the PIB press release, "Progress on the cases admitted at NCLT, those resolved at NCLT, and those disposed of outside the IBC was acknowledged. The review of major cases awaiting admission and resolution at the NCLT benches was undertaken. The Secretary (DFS) emphasised that the timelines for the admission of corporate insolvency resolution process (CIRP) applications and the resolution of cases must be adhered to."
During deliberations on cases where Resolution Plans are pending with the Committee of Creditors (CoC), banks were advised to adopt a coordinated approach to reach a final decision.
Banks were told to pursue their counsels for early admission of pending cases to ensure a more robust and efficient resolution process, and to minimise delays in filing CIRP applications to expedite the resolution process, as per the press release.
Banks were advised to take note of the IBBI circular dated November 4, 2025, and ensure that Resolution Professionals file the required undertaking before the Special PMLA Court for the restitution of assets attached by the Enforcement Directorate, stated the press release.
The collaboration with stakeholders should be streamlined to ensure the effective implementation of the CIRP, thereby preventing delays in admission and resolution at the NCLT.
November 2025
The annual Fortune India special issue of India’s Best CEOs celebrates leaders who have transformed their businesses while navigating an uncertain environment, leading from the front.
The Chief Executives of all PSBs were advised to personally monitor the top 20 cases pending admission and the 10 accounts awaiting resolution at NCLT for their respective banks. Banks must take swift action to dispose of cases where Resolution Plans are pending with CoC.
Furthermore, the Secretary urged the Banks to adopt a strategic approach to streamline and strengthen the IBC ecosystem to maximize value and improve recoveries.