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TMI BlogDFS Secretary Shri M. Nagaraju chairs review meetings to address key operational challenges and enhance efficiency of resolution mechanisms through NARCL and NCLTX X X X Extracts X X X X X X X X Extracts X X X X ..... DFS Secretary Shri M. Nagaraju chairs review meetings to address key operational challenges and enhance efficiency of resolution mechanisms through NARCL and NCLT - News and Press Release Dated:- 13-12-2024 - News - DFS Secretary Shri M. Nagaraju chairs review meetings to address key operational challenges and enhance efficiency of resolution mechanisms through NARCL and NCLT - - - Dated:- 13-12- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2024 - NARCL has acquired 22 accounts with an exposure of ₹95,711 crore A committee under the chairpersonship of Chairman SBI, to examine and submit a fresh list of accounts Banks advised to closely monitor cases in NCLT, minimise procedural delays and not to seek adjournments Integrated portal being developed by MCA for seamless information flow to banks on the NCLT cases 28 accounts with a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n exposure of Rs. 1.28 lakh crore resolved by banks through other resolution mechanisms, subsequent to the NARCL making the offers Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), chaired review meetings to address key operational challenges and enhance the efficiency of resolution mechanisms through the National Asset Reconstruction Company Limited (NARCL) and the National Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany Law Tribunal (NCLT). The meetings were also attended by senior officials of DFS, the Insolvency and Bankruptcy Board of India (IBBI), the Ministry of Corporate Affairs (MCA), NARCL, India Debt Resolution Company Limited (IDRCL) and chief executives of Public Sector Banks. The discussion on cases at NARCL centred on expediting timelines for resolution of accounts. The Secretary underscored NAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CL s pivotal role as a specialised entity designed to accelerate the resolution of large-value stressed assets, thereby strengthening the financial ecosystem. During the meeting, it was informed that NARCL has acquired 22 accounts with an exposure of ₹95,711 crore, demonstrating its effectiveness in driving resolutions. Additionally, 28 accounts with an exposure of Rs. 1.28 lakh crore were r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolved by banks, subsequent to the NARCL making the offers, reflecting the indirect impact of NARCL s presence in settling/successfully pursuing recovery through other resolution mechanisms. Banks were advised to strengthen their synergies with NARCL to ensure efficient and timely resolutions. Further, a committee under the chairpersonship of Chairman SBI, would examine and submit a fresh list of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accounts for transfer to bolster the resolution pipeline and align the process with its intended objectives. The review of cases pending for admission before the NCLT benches focused on addressing delays in admitting Corporate Insolvency Resolution Process (CIRP) applications and overcoming procedural inefficiencies impacting resolution timelines. A detailed review of the top 20 accounts pending ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for admission at the NCLT, examining their current status and outlining necessary actions to expedite proceedings was taken up. Banks were advised to ensure active monitoring of top 20 cases of banks at the Managing Director level, with all proceedings to be attended by senior officials not below the rank of General Manager. Further, banks were urged to minimise procedural delays and strongly oppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se unnecessary adjournments. On the lack of real-time information sharing with Financial Creditors (FCs) about applications filed by Operational Creditors (OCs), which often caused coordination challenges, representatives from the Ministry of Corporate Affairs (MCA) informed about the proposed plan already in place to develop an integrated portal to keep banks informed about all proceedings, furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er enhancing transparency and coordination in the resolution process. Both meetings reaffirmed the Government s commitment to strengthen the recovery framework through coordinated efforts by all stakeholders, ensuring a more robust and efficient resolution process. - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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