Fast Track CIRP (Sec. 55-58)

“(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.
” VL Note : –

“(1) Subject to the provisions of sub-section (3), the fast track corporate insolvency
resolution process shall be completed within a period of ninety days from the insolvency
commencement date.
(2) The resolution professional shall file an application to the Adjudicating
Authority to extend the period of the fast track corporate insolvency resolution process
beyond ninety days if instructed to do so by way of a resolution passed at a meeting of the
committee of creditors and supported by a vote of seventy-five per cent. of the voting share.
(3) On receipt of an application under sub-section (2), if the Adjudicating Authority is
satisfied that the subject matter of the case is such that fast track corporate insolvency
resolution process cannot be completed within ninety days, it may, by order, extend the
duration of such process beyond the said period ninety days by such further period, as it
thinks fit, but not exceeding forty-five days:
Provided that any extension of the fast track corporate insolvency resolution
process under this section shall not be granted more than once” VL Note : –

“An application for fast track corporate insolvency resolution process may be filed by a
creditor or corporate debtor as the case may be, alongwith-
(a) the proof of the existence of default as evidenced by records available with an
information utility or such other means as may be specified by the Board; and
(b) such other information as may be specified by the Board to establish that the
corporate debtor is eligible for fast track corporate insolvency resolution process.
Manner of initiating fast track corporate insolvency resolution process.” VL Note : –

“The process for conducting a corporate insolvency resolution process under Chapter II
and the provisions relating to offences and penalties under Chapter VII shall apply to this Chapter as the context may require.” VL Note : –