MCA clarifies the applicability of fast track corporate insolvency resolution process

The Ministry of Corporate Affairs vide notification dated 30 August, 2022 has amended its previous notification to clarify that an application for fast track corporate insolvency resolution process may be made in respect of the following corporate debtors, namely :-

1. A small company under Companies Act, 2013 or
2. A Startup (other than the partnership firm)
3. An unlisted company with total assets, as reported in the financial statement of the immediately preceding
   financial year, not exceeding rupees one crore.