- The Insolvency and Bankruptcy Code, 2016 (IBC) is India’s bankruptcy law, which aims to unify the existing framework by establishing a single insolvency and bankruptcy law. In December 2015, the Lok Sabha passed the Insolvency and Bankruptcy Code.
- The bankruptcy code is a one-stop shop for resolving insolvencies, which was formerly a time-consuming process with no economically acceptable remedy. The code strives to protect small investors’ interests while also making the business process easier.
- There are 255 sections and 11 schedules in the IBC.
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