Question
What is the enactment date of the Insolvency and
Bankruptcy Code, 2016?Solution
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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