What is the purpose of enactment of the Insolvency and Bankruptcy Code, 2016?

As per Preamble to the Insolvency and Bankruptcy, Code, 2016, the purpose of this Code is as under: To consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals. To fix time periods for execution of the law in a time bound manner. To maximize the value of the assets of interested persons. To promote entrepreneurship. To increase availability of credit. To balance the interest of all the stakeholders including alteration in order of priority of payment of Government dues. To establish Insolvency and Bankruptcy Board of India as a regulatory body for Insolvency and Bankruptcy Law.