In a determined effort to expedite insolvency resolutions, the Department of Financial Services Secretary M Nagaraju led a crucial review meeting on Monday. Officials from the DFS, heads of Public Sector Banks, and representatives from the Insolvency and Bankruptcy Board gathered to assess the progress of unresolved cases at the National Company Law Tribunal (NCLT).
The focus was primarily on the top 20 accounts still awaiting admission and the 10 cases awaiting resolution. The finance ministry stressed the urgency of a collaborative approach among banks to maximize asset values through timely resolutions and improved recoveries.
During deliberations, issues leading to procedural delays in the Corporate Insolvency Resolution Process…