Monitor top cases pending at NCLT, PSB chiefs told

New Delhi: Chief executives of public sector banks have asked to personally monitor top 20 cases pending for admission and top 10 accounts pending for resolution at the NCLT. This was conveyed during a review meeting undertaken by the secretary, department of financial services (DFS), M Nagaraju. The meeting was attended by senior officials of DFS, the Insolvency and Bankruptcy Board of India and top management of state-run banks.Banks must take swift action to dispose of cases where resolution plans are pending with a committee of creditors (CoC). The secretary urged the banks to adopt a strategic approach to streamline and strengthen the IBC ecosystem for better value maximisation and enhancing recoveries.Progress on the cases that were admitted at NCLT, those which were resolved at NCLT and the ones disposed off outside the IBC was acknowledged. The review of major cases awaiting admission and resolution at the NCLT benches was undertaken. Secretary (DFS) emphasised that timelines in admission of corporate insolvency resolution process (CIRP) applications and resolution of the cases must be adhered to.During the deliberations on the cases where resolution plans are pending with CoC, banks were advised to take a coordinated approach for arriving at the final decision. Banks were told to pursue with their counsels for early admission of the pending cases for ensuring a “more robust and efficient resolution process” and also to minimise delays in filing CIRP applications in order to expedite the resolution process.