Notification - 16 - S.O.1910(E) & S.O.1911(E) Titled Regarding Fast Track Corporate Insolvency Resolution process (Insolvency and Bankruptcy Code, 2016 )

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION S.O.1910(E)

New Delhi, the 14th June, 2017

S.O.1910(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 14th day of June, 2017 as the date on which the provisions of section 55 to section 58 (both inclusive) of the said Code shall come into force.

[F.N. 30/4/2017-Insolvency]

AMARDEEP SINGH BHATIA, Jt. Secy.

NOTIFICATION S.O.1911(E)

New Delhi, the 14th June, 2017

S.O.1911(E).—In exercise of the powers conferred by sub-section (2) of section 55 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies that an application for fast track corporate insolvency resolution process may be made in respect of the following corporate debtors, namely :-

(a) a small company as defined under clause (85) of section 2 of Companies Act, 2013 (18 of 2013); or

(b) a Startup (other than the partnership firm) as defined in the notification of the Government of India in the Ministry of Commerce and Industry number G.S.R. 501(E), dated the 23rd May, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 23rd May, 2017; or

(c) an unlisted company with total assets, as reported in the financial statement of the immediately preceding financial year, not exceeding rupees one crore. [F.N. 30/4/2017-Insolvency]

AMARDEEP SINGH BHATIA, Jt. Secy.