Introduction of Insolvency and Bankruptcy code in India

Introduced by the Government in 2015, the Insolvency and Bankruptcy Code came into effect in 2016 after both houses of parliament passed the said law. It is an effort to create a unified framework to resolve insolvency in India. The code seeks to bring semblance to an otherwise unstructured process and ensure that all re-organisation and insolvency resolutions of corporate persons, partnership firms and individuals is conducted in a time bound manner for maximisation of value of assets of such persons.

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"The insolvency and Bankruptcy Code 2016 would ensure optimum utilization of resources at any point of time, and thereby raise productivity and promote economic prosperity"

Dr. M.S. Sahoo

"India is in the process of laying the foundations of a mature market economy. IBC is an endeavor to provide one critical building block of this process"

Mr. Sumant Batra