(MENAFN- KNN India) New Delhi, Nov 26 (KNN) The Department of Financial Services (DFS) reviewed the status of pending cases under the Insolvency and Bankruptcy Code (IBC) in a meeting chaired by Secretary M. Nagaraju.

Senior officials from DFS, the Insolvency and Bankruptcy Board of India (IBBI) and top executives of Public Sector Banks (PSBs) attended the review.

The meeting assessed progress on cases admitted and resolved at the National Company Law Tribunal (NCLT), as well as those settled outside the IBC framework.
A detailed review of major cases awaiting admission and resolution across NCLT benches was also undertaken.

The DFS Secretary stressed the need for strict adherence to timelines for both admission and resolution under the corporate insolvency resolution process (CIRP).

Banks were advised to follow a coordinated approach while finalising Resolution Plans pending with Committees of Creditors (CoCs). PSBs were directed to work closely with their legal counsels to expedite admissions and avoid delays in filing CIRP applications.

Banks were also reminded to comply with the Insolvency and Bankruptcy Board of India's (IBBI) November 4, 2025 circular.

Resolution Professionals must file the mandated undertaking before the Special Prevention of Money Laundering Act (PMLA) Court to facilitate restitution of assets attached by the Enforcement Directorate.

Further, the Secretary instructed bank chiefs to personally monitor their top twenty cases pending admission and ten cases awaiting resolution at NCLT. Swift action was urged in cases where Resolution Plans remain pending with CoCs.

He also encouraged banks to adopt a strategic approach to strengthen the IBC ecosystem, maximise recovery values and streamline coordination with stakeholders.

(KNN Bureau)

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