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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

Centre-Right

LeftCentreRight

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Finance & Economy671 tracked→Governance & Reform175 tracked→

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