- The IBC is a comprehensive law consolidating and amending laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. - It aims to improve the ease of doing business in India by providing a clear framework for resolving insolvency and bankruptcy. - Different sections and rules of the Code were brought into effect over several months in 2016 and 2017.
Insolvency and Bankruptcy Code came into force from
Asked in APPSC Group II Prelims 2018 · Topic: Nature of Indian Economy (Evolution from Planned to Market-Oriented Economy)
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