Fast Track Insolvency Resolution Process Under Insolvency And Bankruptcy Code, 2016

When Benjamin Franklin said "Time is Money¹" he certainly meant that time is a valuable asset and we must make it count. This statement is worth remembering when dealing with financial debts and their realization and therefore the Insolvency and Bankruptcy Code, 2016 ("the Code") provides for 'Fast Track Insolvency Resolution Process'. It aims to expedite the insolvency resolution process of certain categories of corporate debtors with lesser complexities. The fast track process which can be initiated by a creditor or the corporate debtor itself cuts down the time taken to complete an insolvency resolution to almost half as compared to the regular process under the Code. As per MCA Notification dated 14th June, 2017², the Central Government has notified section 55 to 58 under Chapter IV of the Insolvency and Bankruptcy Code and provided that an Application for Fast track corporate insolvency resolution process may be made in respect of the following corporate debtors: