In relation to insolvency laws, mention any five reforms carried out in India in 21st century.

India has undergone significant reforms in its insolvency laws during the 21st century to create a more robust and efficient framework for resolving corporate distress. Here are five key reforms: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002: This Act empowered banks and financial institutions to recover their non-performing assets (NPAs) without the intervention of the court. It allowed secured creditors to take possession of secured assets, sell them, or manage them, significantly improving debt recovery mechanisms. Companies (Amendment) Act, 2002 (though not fully enforced initially): This amendment introduced the concept of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) to consolidate corporate jurisdiction, including winding-up and rehabilitation of sick companies, which were previously handled by various forums like High Courts and BIFR. Though its full implementation was delayed, it laid the groundwork. Recommendations by JJ Irani Committee (2005): The JJ Irani Committee's report on Company Law recommended significant changes to insolvency aspects, aligning them with international best practices, particularly the UNCITRAL model. Many of these recommendations later found their way into the Companies Act, 2013, and the IBC. Companies Act, 2013: This Act fully established the NCLT and NCLAT, consolidating jurisdiction over corporate insolvency, winding-up, mergers, and other corporate restructuring matters. It replaced the Company Law Board and the jurisdiction of High Courts in these areas, aiming for faster and more specialized resolution. Insolvency and Bankruptcy Code (IBC), 2016: This is the most comprehensive reform, consolidating and amending laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner. It introduced a creditor-in-control model, established Insolvency Professionals, Information Utilities, and the Insolvency and Bankruptcy Board of India (IBBI), creating a complete ecosystem for insolvency resolution.