section 55
Fast track corporate insolvency resolution process.
The Insolvency and Bankruptcy Code, 2016Corporate2016282 sections
Chapter IV CHAPTER IV FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
Statutory text
- (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 corporate debtors, 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.
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