Insolvency and Bankruptcy Code (IBC), 2016
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Central or state Act — primary legislation passed by the legislature. 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
TypeAct
SourceHistorical Record (Curated)
PublishedSaturday, 28 May 2016
Affected Population1.4 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 IBJP-led NDA
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