Chapter 9 - Fast Track CIRP
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Insolvency and Bankruptcy Code 2016 — Insolvency and Bankruptcy Code 2016.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
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
How does the timeline for Fast Track CIRP differ from the standard CIRP under the IBC, 2016?
Fast Track CIRP must be completed within 90 days from the insolvency commencement date, compared to 180 days for standard CIRP, reflecting its accelerated nature for smaller debtors.
What is the maximum total period for Fast Track CIRP including a single extension?
135 days (90 days plus 45-day extension)
Under what provision of the IBC, 2016 is the Fast Track CIRP governed?
Fast Track CIRP is governed by Chapter IV (Sections 55 to 58) of the IBC, 2016, which carves out a separate and distinct process for eligible smaller corporate debtors.
What is the permissible extension period that a CoC may seek for Fast Track CIRP?
Not more than 45 days with 75% CoC vote
MCQ practice tests
Chapter-wise mock tests with instant scoring.
Master the full IBC syllabus
Every chapter of Insolvency and Bankruptcy Code 2016 — videos, tests, notes and one-liner decks in one place.