Insolvency and Bankruptcy Code (IBC), 2016
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Legislative action — a bill, act, or amendment that creates or modifies the legal framework. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.
Summary
Unified insolvency resolution framework replacing multiple overlapping laws. Established NCLT as adjudicating authority with time-bound resolution (180+90 days) for corporate insolvency, improving India's ease of doing business.
Key Facts
Type Legislation
Source Historical Record
Published Saturday, 28 May 2016
Affected Population 1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
20 million central + state government employees
Key Authorities
Key Stakeholders
Government Context
NDA I BJP-led NDA
Left Centre Right
Amendment History
1 change recorded for this policy.
Description Wednesday, 1 April 2026 via the_hindu_policy
The Finance Minister said the Government accepted 11 recommendations of the Select Committee headed by BJP MP Baijayant Panda and one amendment was brought by the Government