The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
The Ministry of Corporate Affairs has notified the relevant sections 55 to 58 of the Insolvency and Bankruptcy code,2016 pertaining to the Fast Track Process and also notified that fast track process shall apply to the following categories of corporate debtors:
- a small company, as defined under clause (85) of section 2 of the Companies Act, 2013; or
- a Startup (other than the partnership firm), as defined in the notification dated 23rdMay, 2017 of the Ministry of Commerce and Industry; or
- an unlisted company with total assets, as reported in the financ…
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