HomeEconomy NewsDFS Secretary reviews pending IBC cases; PSBs told to expedite admissions, resolutions
Banks were also directed to comply with the IBBI circular dated November 4, 2025, and ensure that Resolution Professionals submit the required undertaking before the Special PMLA Court for restitution of assets attached by the Enforcement Directorate.
The Secretary of the Department of Financial Services (DFS), M Nagaraju, on Tuesday (November 25), chaired a review meeting to assess issues related to pending cases under the Insolvency and Bankruptcy Code (IBC). The meeting was attended by senior officials from DFS, the Insolvency and Bankruptcy Board of India (IBBI) and the top management of public sector banks (PSBs).
Progress on cases admitted at the National Company Law Tribunal (NCLT), those resolved at NCLT, and matters settled outside the IBC framework was noted. The review also covered major cases awaiting admission and resolution across NCLT benches. The Secretary underscored that timelines for admitting applications under the corporate insolvency resolution process (CIRP) and for resolving cases must be followed.
During discussions on matters where Resolution Plans are pending with the Committee of Creditors (CoC), banks were advised to adopt a coordinated approach to reach final decisions. Institutions were instructed to engage with their counsels for early admission of pending cases and to reduce delays in filing CIRP applications to accelerate the resolution process.
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Banks were also directed to comply with the IBBI circular dated November 4, 2025, and ensure that Resolution Professionals submit the required undertaking before the Special PMLA Court for restitution of assets attached by the Enforcement Directorate.
The Secretary stressed the need to streamline collaboration with stakeholders to improve the implementation of the CIRP and avoid delays at the NCLT stage. Chief Executives of all PSBs were advised to personally monitor the top twenty cases awaiting admission and the top ten accounts pending resolution at NCLT for their respective banks. Swift action was sought in cases where Resolution Plans are pending with the CoC.
The Secretary urged banks to adopt a strategic approach aimed at strengthening the IBC ecosystem, improving value maximisation and enhancing recoveries.
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