Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 55: Fast track corporate insolvency resolution process.
    (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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