FinMin reviews bankruptcy proceedings of Arch Pharma Labs, Among other high-profile cases.

The Finance Ministry has reviewed some high-profile cases pending for admission into the National Company Law Tribunal (NCLT). Among the companies discussed was Jaiprakash Associates, which have seen delays in admission under the Insolvency and bankruptcy code (IBC). The case has been awaiting admission since 2022. The meeting was held on April 30, chaired by Financial Services Secretary Vivek Joshi. Joshi asked banks to move forward in declaring defaults, so that the companies can move towards the resolution process, two sources said. “Do not hesitate to declare defaults and go for IBC resolution,” Joshi reportedly said at the meeting.