Phase IFoundation
Background
Overview
The IBC is crucial for India's economic stability, credit market efficiency, ease of doing business, and addressing the issue of non-performing assets (NPAs). Its effectiveness and evolution are key for financial sector reforms and governance.
The Insolvency and Bankruptcy Code (IBC), 2016, is a comprehensive law in India that provides a unified framework for insolvency and bankruptcy resolution for companies, partnerships, and individuals. It aims to consolidate existing laws relating to insolvency and bankruptcy and to ensure a time-bound resolution process for distressed assets, thereby promoting ease of doing business and improving credit recovery.