Summary
The Insolvency and Bankruptcy Code, 2016 is an Indian legislation that aims to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals. The code seeks to establish a time-bound and efficient insolvency resolution process and provide for the liquidation of assets in a time-bound manner. The code also provides for the establishment of a regulator, the Insolvency and Bankruptcy Board of India, and other institutional infrastructure to facilitate the implementation of the code.
