The Insolvency and Bankruptcy Code, 2016 is one of the biggest economic reforms in India. Comment. Also, state key objectives and preamble of the Insolvency and Bankruptcy Code, 2016.

The Insolvency and bankruptcy Code, 2016 is one of the biggest economic reforms which provides a uniform and comprehensive insolvency legislation covering corporates, partnerships and individuals (other than financial firms). The Code gives both the creditors and debtors the power to initiate proceeding. It has helped India achieve a historic jump in the ease of doing business rankings by consolidating the law and providing for resolution of insolvencies in a time-bound manner. The objects clause of the Insolvency and Bankruptcy Code lays down the following key objectives: To consolidate and amend the laws relating to re-organisation and insolvency resolution of corporate persons, partnership firms and individuals to provide for a time bound insolvency resolution mechanism. To ensure maximisation of value of assets, To promote entrepreneurship, To increase availability of credit, To balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues, and To establish an Insolvency and Bankruptcy Board of India as a regulatory body, To provide procedure for connected and incidental matters.