(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.
(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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Next · Section 56Time period for completion of fast track corporate insolvency resolution process. →All sections / सभी धाराएँThe Insolvency and Bankruptcy Code, 2016. →
More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Application.Section 3 · Definitions.Section 4 · Application of this Part.Section 5 · Definitions.Section 6 · Persons who may initiate corporate insolvency resolution process.Section 7 · Initiation of corporate insolvency resolution process by financial creditor.Section 8 · Insolvency resolution by operational creditor.India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2024-07-25. Check the linked official text and subsequent notifications when applying a provision.