The Insolvency and Bankruptcy Board of India (IBBI) notified the
Insolvency and Bankruptcy Board of India (Fast Track Insolvency
Resolution Process for Corporate Persons) Regulations, 2017.
The board announced the regulations in exercise of its powers
conferred by sections 58, 196 and 208 read with section 240 of the
Insolvency and Bankruptcy Code, 2016 (Code),
These regulations provide the process from initiation of insolvency
resolution of eligible corporate debtors till its conclusion with
approval of the resolution plan by the Adjudicating Authority.
The process in these cases shall be completed within a period of 90
days, as against 180 days in other cases. However, the Adjudicating
Authority may, if satisfied, extend the period of 90 days by a further
period up to 45 days for completion of the process.
