IBC Section 55-Fast track corporation insolvency resolution process.
Effective from 14.06.2017
(1) A corporate insolvency resolution process carried out in accordance with this Chapter shall be called as fast track corporate insolvency resolution process.
(2) An application for fast track corporate insolvency resolution process may be made in respect of the following , namely:—
(a) a corporate debtor with assets and income below a level as may be notified by the Central Government; or
(b) a corporate debtor with such class of creditors or such amount of debt as may be notified by the Central Government; or
(c) such other category of corporate persons as may be notified by the Central Government.
- The Central Government has notified that an application for fast track corporate insolvency resolution process may be made in respect of corporate debtors as referred in the enforcement notification regarding Fast Track Corporate Insolvency Resolution process dated 14 th June, 2017 . To view the notification,Click Here
- Notification dated 14th June, 2017 is substituted vide Notification dated 30th August, 2022. To view the notification, Click Here
IBC- Enforcement Notification dated 14/06/2017