Insolvency and Bankruptcy Board of India has notified fast track insolvency resolution process for corporate persons regulations. An official release said,these regulations provide the process from initiation of insolvency resolution of eligible corporate debtors till its conclusion with approval of the resolution plan by the Adjudicating Authority.<br/><br/>The process in these cases will be completed within a period of 90 days, as against 180 days in other cases. However, the Adjudicating Authority may extend the period of 90 days by a further period up to 45 days for completion of the process. A creditor or a corporate debtor may file an application, along with the proof of existence of default, to the Adjudicating Authority for initiating fast track resolution process.