The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to consolidate and amend India’s fragmented insolvency laws, replacing outdated statutes like the Provincial Insolvency Act, 1920 and SICA, 1985. Introduced to address inefficiencies in debt recovery, the IBC provides a time-bound resolution process for insolvent businesses and individuals while balancing creditor rights and debtor viability. Key features include: