Public sector bank chiefs were on Tuesday advised by Department of Financial Services (DFS) Secretary M Nagaraju to personally monitor the top twenty cases pending for admission and the top ten accounts awaiting resolution before the National Company Law Tribunal (NCLT), as part of a wider review of delays in insolvency matters.
In a press release, DFS said Nagaraju chaired a meeting with senior officials of the department, the Insolvency and Bankruptcy Board of India and top management of public sector banks to review issues related to pending cases under the Insolvency and Bankruptcy Code (IBC). Progress in cases admitted and resolved at the NCLT, as well as matters disposed of outside the IBC, was acknowledged, while major cases…