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On 30th August 2022, the Ministry of Corporate Affairs (MCA) issued a notification issuing amendments to its previous notifications and clarifying that an application for fast-tracking Corporate Insolvency Resolution Process which is constructed in accordance with the following CorporateDebtors, namely –
A small company under the Companies Act, 2013, or A Startup (other than the partnership firm) An unlisted company with total assets, as reported in the financial statement of the immediate preceding financial year, not exceeding rupees one crore.
MCA Clarifies the Applicability of Fast Track Corporate Insolvency Resolution Process
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