Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Code
Enacted by	Parliament of India
Introduced by	Arun Jaitley
Status: Pending

The Insolvency and Bankruptcy Code, 2015 is the bankruptcy law of India meant to replace "The Presidency Towns Insolvency Act, 1909". It was passed by Lok Sabha on 5 May 2016.

Details

The "Insolvency and Bankruptcy Code, 2015" is the bankruptcy law of India meant to replace "The Presidency Towns Insolvency Act, 1909". It was passed by Lok Sabha on 5 May 2016.^[1][2]

References

1. "Bankruptcy Code is a dud unless executed right; India has too many good laws that we failed smartly", Firstpost, 6 May 2016
2. "Welcome move: Bankruptcy code will help in swift redeployment of distressed assets", The Economic Times, 6 May 2016