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

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-just under ₹ 1 crore. So, the company decided to voluntarily go for Corporate Insolvency Resolution Process (CIRP) to try to find a way out of its troubles. The case was brought before the National Company Law Tribunal (NCLT), the Adjudicating Authority (AA). The company with its relatively small debt, needed a quicker resolution. The Adjudicating Authority, seeing the nature of the case and the total debt, thought that a faster process would be better for everyone involved-the creditors, the company, and the economy. In the light of above information, answer the following questions stating the relevant provisions of the IBC, 2016: How did the decision to use a fast-track process benefit both the company and its creditors in the given case ?