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The Insolvency and Bankruptcy Code, 2016 was introduced in the Lok Sabha on 21 December 2015 by former Finance Minister, Late Arun Jaitley. The Code was referred to a Joint Committee of Parliament on 23 December 2015, and recommended by the Committee on 28 April 2016. The Code was passed by the Lok Sabha and the Rajya Sabha on 5 May and 11 May 2016 respectively. Subsequently, it received assent from President Pranab Mukherjee and was notified in the Gazette of India on 28 May 2016.
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