Insolvency and Bankruptcy Code, 2016

The Insolvency and Bankruptcy Code, 2016
Parliament of India
  • An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
CitationAct No. 31 of 2016
Territorial extentIndia
Passed byLok Sabha
Passed5 May 2016
Passed byRajya Sabha
Passed11 May 2016
Assented to28 May 2016
Commenced28 May 2016
Legislative history
First chamber: Lok Sabha
Bill titleThe Insolvency and Bankruptcy Code, 2016
Bill citationBill No. 349 of 2015
Introduced byArun Jaitley
Introduced21 December 2015
Committee reportReport of the Joint Committee
Final stages
Reported from conference committee28 April 2016
Status: In force

The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.

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