Banks told to speed up Insolvency & Bankruptcy Code resolutions

The government monitored top 20 insolvency cases under Insolvency & Bankruptcy Code (IBC) due to slow action taken by banks. Following the intervention, movements in Jaiprakash Associates and Amtek Auto were observed. Bankers were found discussing loan settlements despite ongoing IBC issues. Finance Minister Nirmala Sitharaman reviewed multiple cases to expedite the process and improve debt recovery mechanisms.