Insolvency & Bankruptcy Code (IBC)
It creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. The IBC outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. National Company Law Tribunal enforces the IBC in India.