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
Comprehensive insolvency resolution framework consolidating existing laws. Created NCLT/NCLAT for resolution, IBBI as regulator, and Insolvency Professionals. Set strict 180-day timeline for resolution. Transformed India's credit culture.
Key Facts
Type Legislation
Source Historical Record (Curated)
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