ENA Sectors 2025-11-26 13:17:45 <p><span style="font-size:14px"><strong>New Delhi, Nov 26 (KNN)</strong> 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. </span></p> <p><span style="font-size:14px">Senior officials from DFS, the Insolvency and Bankruptcy Board of India (IBBI) and top executives of Public Sector Banks (PSBs) attended the review.</span></p> <p><span style="font-size:14px">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. <br /> A detailed review of major cases awaiting admission and resolution across NCLT benches was also undertaken.</span></p> <p><span style="font-size:14px">The DFS Secretary stressed the need for strict adherence to timelines for both admission and resolution under the corporate insolvency resolution process (CIRP). </span></p> <p><span style="font-size:14px">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. </span></p> <p><span style="font-size:14px">Banks were also reminded to comply with the Insolvency and Bankruptcy Board of Indias (IBBI) November 4, 2025 circular. </span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">He also encouraged banks to adopt a strategic approach to strengthen the IBC ecosystem, maximise recovery values and streamline coordination with stakeholders.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 44204 https://knnindia.co.in/news/newsdetails/sectors/dfs-directs-psbs-to-improve-ibc-compliance-speed-up-resolution-approvals 2025-11-26 13:17:45 knnindia.co.in