TechWave Private Limited is a small Company, which found itself in a difficult financial situation, unable to pay off its debts. It was struggling, with creditors knocking at its doors, but its total debt was not large-j

As per Section 55 of the Insolvency and Bankruptcy Code, 2016 In Fast track corporation insolvency resolution process. A corporate insolvency resolution process carried out in accordance with this Chapter shall be called as fast track corporate insolvency resolution process. An application for fast track corporate insolvency resolution process may be made in respect of the following corporate debtors, namely: - a corporate debtor with assets and income below a level as may be notified by the Central Government; or a corporate debtor with such class of creditors or such amount of debt as may be notified by the Central Government; or such other category of corporate persons as may be notified by the Central Government. In exercise of its powers under the above provision, the Central Government, vide notification No. S.O. 191 I(E) dated 14th July, 2017, has notified the following CDs in respect of which fast track CIRP can be initiated, namely: a small company, as defined under the Companies Act, 2013; a Startup (other than partnership firm), as defined in the notification dated 23.05.2017 of the Government of India in the Ministry of Commerce and Industry; and unlisted company with total assets, as per the financial statement of the immediately preceding financial year, not exceeding rupees one crore. There is no criterion of maximum debt for fast track CIRP.