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.
56. Time period for completion of fast track corporate insolvency resolution process.—(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 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.
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(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 a period of ninety days, it may, by order, extend the duration of such process beyond
the said period of 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.
57. Manner of initiating fast track corporate insolvency resolution process.—An application for
fast track corporate insolvency resolution process may be filed by a creditor or corporate debtor as the
case may be, along with—
(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.
58. Applicability of Chapter II to this Chapter.—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.