The ‘Insolvency and Bankruptcy Code’ was introduced to facilitate the

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The ‘Insolvency and Bankruptcy Code’ was introduced to facilitate the resolution of insolvency cases and to improve the ease of doing business in India. In which year was it enacted?

2013
2015
2016
2017
This question was previously asked in
UPSC Combined Section Officer – 2019-20
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The Insolvency and Bankruptcy Code (IBC) was enacted in the year 2016.
The Insolvency and Bankruptcy Code, 2016, is a comprehensive law enacted by the Parliament of India to consolidate the laws relating to insolvency and bankruptcy in India. It provides a time-bound process for resolving insolvency of companies and individuals.
The IBC replaced multiple existing laws and frameworks related to insolvency and bankruptcy resolution, aiming to improve the ease of doing business in India by providing a clear, fast, and predictable mechanism for debt resolution. It established the Insolvency and Bankruptcy Board of India (IBBI) as the regulatory body.

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