India’s finance ministry on Tuesday directed state-run banks to step up monitoring and accelerate the admission and resolution of pending bankruptcy cases at the National Company Law Tribunal (NCLT), warning that delays were slowing the corporate insolvency process.
M. Nagaraju, Secretary in the Department of Financial Services (DFS), reviewed the status of cases under the Insolvency and Bankruptcy Code (IBC) with senior officials from the ministry, the Insolvency and Bankruptcy Board of India and chief executives of public-sector banks (PSBs), the ministry said in a statement.
The meeting examined cases admitted and resolved at NCLT as well as those settled outside the IBC. Nagaraju said strict adherence to timelines for admitting…