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Sam Ghosh Founder and SEBI Regd. Investment Adviser at Wisejay Private Limited Bangalore, Karnataka
Insolvency and Bankruptcy Code, 2016 (IBC) for Corporate persons. Part 5 : Fast Track Corporate Insolvency Resolution Process
1 answer/comment
07:37:06 AM, 9th August, 2019
  • Sam GhoshFounder and SEBI Regd. Investment Adviser at Wisejay Private LimitedBangalore, Karnataka

    ELIGIBILITY OF FAST TRACK CORPORATE INSOLVENCY PROCESS

    According to section 55 of the Insolvency and Bankruptcy Code, 2016, the fast track process is applicable when the assets and income of the corporate debtor is lower than a level specified the central government, the debt level is below a level specified by the central government or the corporate debtor falls under a category specified by the central government.



    APPLICATION FOR FAST-TRACK PROCESS

    The corporate insolvency process can be initiated by a creditor or the corporate debtor as per section 57 by making an application along with proof of default and proof of evidence pointing out that the debtor is eligible for fast-track process.



    TIME PERIOD OF COMPLETION

    The fast-track process has to be completed within 90 days which can be extended by another 45 days by NCLT.

    The resolution professional may apply for an extension at the instruction of a resolution passed by the committee of creditors.


    Related Link:
    http://www.mca.gov.in/Ministry/pdf/TheInsolvencyandBankruptcyofIndia.pdf

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