📝 One-liners · 65 cards

Chapter 9 - Fast Track CIRP

What is the essential purpose of the Fast Track Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016?
It is a faster, shorter-timeline insolvency resolution process designed specifically for specified smaller categories of corporate debtors, unlike the standard CIRP which applies to all corporate debtors.
What voting share threshold does a CoC need to approve a resolution plan in Fast Track CIRP?
75% voting share of the Committee of Creditors
Which categories of corporate debtors are eligible to undergo Fast Track CIRP under the IBC, 2016?
Fast Track CIRP applies to small companies, startups (other than partnership firms), and unlisted companies with total assets below a threshold prescribed by the Central Government.
Did the IBC Amendment Act 2018 reduce the voting threshold for Fast Track CIRP from 75% to 66%?
No, the 2018 reduction was not extended to Fast Track CIRP
🔒

Unlock 65 revision one-liners

Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Chapter 9 - Fast Track CIRP.

🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days
Sign in to unlock