India, May 9 -- Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), chaired a review meeting today to monitor the progress of Public Sector Banks in clearing pending cases for admission at National Company Law Tribunal (NCLT). The review entailed a follow up on important issues for improving the effectiveness of insolvency resolution process. The meeting was attended by senior officials of Department of Financial Services, the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India, and the top management of Public Sector Banks.

A detailed review on cases pending for admission at NCLT was undertaken. The Banks were advised to expedite the resolution process by minimising delays in filing CIRP applicat...