IBC (Insolvency and Bankruptcy Code)

The Insolvency and Bankruptcy Code (IBC) is a legal framework in India designed to address situations where individuals or businesses cannot repay their debts. Introduced in 2016, it aims to streamline the process of insolvency resolution and bankruptcy. The IBC provides a structured way to either recover debts through negotiations or liquidate assets if necessary. It promotes timely resolution and aims to revive viable businesses, protecting the interests of creditors and stakeholders. Overall, the IBC enhances financial discipline and helps foster a more efficient economic environment.