Push for Speed: Streamlining Bank Resolution Processes
Financial Services Secretary M Nagaraju urged banks to expedite resolution processes at NCLT to reduce delays. Banks were advised to avoid unnecessary adjournments and oppose frivolous delays. The focus is on strengthening the recovery framework and ensuring efficient insolvency resolution.
- Country:
- India
In a bid to streamline financial resolutions, Financial Services Secretary M Nagaraju convened a meeting on Thursday to address looming delays in cases pending at the National Company Law Tribunal (NCLT). He urged the banking sector to fast-track these processes, emphasizing the importance of minimizing unnecessary postponements.
The meeting, attended by senior officials from the Departments of Financial Services and Corporate Affairs, along with other key financial players, spotlighted the need for a robust insolvency resolution framework. The collective goal is to fortify recovery strategies through coordinated efforts, the finance ministry revealed.
Banks have been tasked with expediting the Corporate Insolvency Resolution Process (CIRP), while also urging legal representatives to challenge any delaying tactics. Additionally, attention must be paid to the top 20 cases and efforts made to vacate any stay orders that hinder progress.
(With inputs from agencies.)
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