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legislation Historical Saturday, 28 May 2016

Insolvency and Bankruptcy Code (IBC), 2016

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

Ministry of FinanceRBISEBIDEAPMO

Key Stakeholders

TaxpayersBanks & NBFCsInvestorsCivil ServantsState GovernmentsJudiciary

Government Context

NDA I BJP-led NDA
Centre-Right
Left Centre Right

Explore Sectors

Finance & Economy 276 tracked → Governance & Reform 255 tracked →
Read Full Text at Source

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