Question
The Insolvency and Bankruptcy Code (IBC) was enacted in
which year?Solution
The IBC was enacted in 2016 to streamline the process of insolvency and bankruptcy resolution for companies and individuals. Simplifies insolvency proceedings. Time-bound resolution process (180-270 days). Enhances ease of doing business. Protects creditors’ rights. Reduces NPAs (Non-Performing Assets).
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