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of <h1>Fast Track Corporate Insolvency Resolution: Sections 55-58 of IBC 2016 Clarify Eligibility for Small Companies and Startups.</h1> A fast track corporate insolvency resolution process, governed by sections 55 to 58 of the Insolvency and Bankruptcy Code, 2016, aims to expedite insolvency proceedings within 90 days. The process applies to specific corporate debtors, including small companies, startups, and unlisted companies with assets not exceeding certain thresholds as notified by the Central Government. The criteria for eligibility include asset levels, class of creditors, and debt amounts. A notable case clarified that a corporate debtor must meet these criteria for section 55 to be applicable, as demonstrated when a debtor did not qualify under the specified categories.
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