Manner of initiating fact track corporate insolvency resolution process [ Section 57 ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Manner of initiating fact track corporate insolvency resolution process [ Section 57 ] An application for fast track corporate insolvency resolution process may be filed by a creditor or corporate debtor as the case may be, alongwith-- (a) the proof of the existence of default as evidenced by records available with an information utility or such other means as may be specified by the Board; and (b) such other information as may be specified by the Board to establish that the corporate debtor is eligible for fast track corporate insolvency resolution process. Power to make Regulation [ Section 240 ] (1) The Board may, by notification, make regulations consistent with this Code and the rules made thereunder, to carry out the provisions of this Code. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:- (zl) the other means under clause (a) and the other information under clause (b) of section 57;.