SBI-led committee to be set up to formulate new list of large stressed accounts with banks for resolution under IBC

The government has decided to set up a committee under the State Bank of India chairman to examine and submit a fresh list of stressed accounts with banks for transfer to NCLT and bolster the resolution pipeline This would be in addition to the top 20 accounts identified by banks earlier for admission at the NCLT. During the meeting, Nagaraju also asked heads of PSBs to regularly monitor and review the top 20 Insolvency and Bankruptcy Code cases with banks as part of their bad assets management. The review of cases pending for admission before the NCLT benches focused on addressing delays in admitting Corporate Insolvency Resolution Process applications and overcoming procedural inefficiencies impacting resolution timelines. Read more: Why Axis' Neelkanth Mishra does not see room for rate cuts On the lack of real-time information sharing with Financial Creditors about applications filed by Operational Creditors, which often caused coordination challenges, representatives from the MCA informed about the proposed plan already in place to develop an integrated portal to keep banks informed about all proceedings, further enhancing transparency and coordination in the resolution process.