Phase IFoundation
Background
Overview
IBC is a landmark economic reform impacting banking, corporate governance, ease of doing business, and credit availability. Its effectiveness, challenges in implementation and interpretation, and amendments are critical for GS3 (Economy) and GS2 (Governance/Legal aspects).
The Insolvency and Bankruptcy Code, 2016 (IBC) is a comprehensive law in India that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders.