DFS secy holds workshop on overhauled IBC rules for banking sector
Workshop focused on amended IBC provisions, including group insolvency and cross-border resolution frameworks for stressed assets
 "DFS secy holds workshop on overhauled IBC rules for banking sector")
Department of Financial Services Secretary M Nagaraju on Tuesday held a workshop with stakeholders to discuss the impact of the rules under the overhauled Insolvency and Bankruptcy Code (IBC) on the banking sector.
The workshop aimed to strengthen stakeholder understanding regarding implementation of the amended provisions of the Code.
“The workshop concluded with deliberations that reinforced the importance of effective and timely resolution of stressed assets in line with the government’s vision of a strong, transparent and efficient financial system,” the finance ministry said in a press release.
The recent amendments relating to group insolvency, cross-border insolvency and creditor-initiated insolvency resolution process would further strengthen the insolvency framework and address delays in resolution, Nagaraju said at the workshop. The IBC has helped strengthen repayment discipline and shifted the focus from liquidation towards revival and value maximisation of stressed businesses, Nagaraju added.
Parliament had passed amendments to the IBC in March. The amended Bill allows the government to prescribe rules related to cross-border insolvency proceedings for debtors. The rules allow one or more benches of the National Company Law Tribunal (NCLT) to deal with cross-border insolvency proceedings.
The government has also introduced the concept of group insolvency. Under this, multiple entities of a single corporate group can be resolved in one court.
Till December 2025, more than 8,800 Corporate Insolvency Resolution Processes (CIRPs) had been admitted under the Code, with creditors realising over ₹ 4.11 trillion through approved resolution plans and more than 4,000 corporate debtors being rescued through resolution, settlements, withdrawals or appeal-related closures, according to the press release.
Participants at the meeting included DFS Special Secretary Sanjay Lohiya, Insolvency and Bankruptcy Board of India (IBBI) Chairperson Ravi Mittal, senior officials from the Ministry of Corporate Affairs, leading legal experts, senior executives and officials from public sector banks and other financial institutions such as National Asset Reconstruction Company Limited (NARCL), India Debt Resolution Company Limited (IDRCL) and ASREC (India) Limited.