Secretary emphasizes adherence to timelines in admission of corporate insolvency resolution process (CIRP) applications and resolution of the cases

Chief Executives of PSBs advised to personally monitor top twenty cases pending for admission and top ten accounts pending for resolution at NCLT

The Secretary, Department of Financial Services (DFS), Shri M. Nagaraju, chaired a review meeting today to discuss the issues related to pending IBC cases. The meeting was attended by senior officials of DFS, the Insolvency and Bankruptcy Board of India and the top management of Public Sector Banks.

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) emphasized that the timelines in admission of corporate insolvency resolution process (CIRP) applications and resolution of the cases must be adhered.

During the deliberations on the cases where Resolution Plans are pending with the Committee of Creditors (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 minimize delays in filing CIRP applications in order to expedite the resolution process.

Banks were advised to take note of IBBI circular dated 4^thNovember, 2025 and ensure that Resolution Professionals file the required undertaking before Special PMLA Court for restitution of assets attached by Enforcement Directorate.

The collaboration with stakeholders is to be streamlined for effective implementation of the CIRP which shall also prevent delays in admission and resolution at NCLT.

The Chief Executives of all PSBs were advised to personally keep monitoring the top twenty cases pending for admission and ten accounts pending for resolution at NCLT, pertaining to their bank. Banks must take swift action to dispose cases where Resolution Plans are pending with CoC.

Further the Secretary urged the Banks to adopt a strategic approach to streamline and strengthen the IBC ecosystem for better value maximization and enhancing recoveries.

Pending IBC cases at NCLT require stricter admission and resolution timelines, with PSBs personally monitoring top cases. The Secretary, DFS directed strict adherence to timelines for admission and resolution under the CIRP, urged PSBs to pursue early filing and coordinated decision-making on cases with pending Resolution Plans, and required Resolution Professionals to file undertakings before the Special PMLA Court for restitution of assets attached by the Enforcement Directorate in accordance with the IBBI circular dated 4 November 2025.