---
title: "Insolvency and Bankruptcy Code, 2016 (IBC) | Model Diplomat"
description: "The Insolvency and Bankruptcy Code, 2016 streamlines India's insolvency resolution process, crucial for corporations and individuals facing financial distress."
url: "https://modeldiplomat.com/learn/glossary/insolvency-and-bankruptcy-code-2016"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The Insolvency and Bankruptcy Code, 2016 is India's consolidated law providing a time-bound process for resolving insolvency of corporations, partnerships, and individuals.
- What is the prescribed timeline for the corporate insolvency resolution process under the IBC?
- How does the IBC differ from the SARFAESI Act?
- Who controls the company once a CIRP is admitted?
- What does Section 29A of the IBC prohibit?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

The Insolvency and Bankruptcy Code, 2016 is India's consolidated law providing a time-bound process for resolving insolvency of corporations, partnerships, and individuals.

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## Timeline

1. 28 May 2016

   The Insolvency and Bankruptcy Code, 2016 (IBC) received presidential assent on and consolidated a fragmented framework that had previously been scattered ac…

2. 25 March 2020

   During the COVID-19 pandemic, Section 10A suspended fresh insolvency filings for defaults arising between and 25 March 2021.

3. 25 March 2021

   During the COVID-19 pandemic, Section 10A suspended fresh insolvency filings for defaults arising between 25 March 2020 and .

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Example

In November 2019, the Supreme Court of India approved ArcelorMittal's ₹42,000-crore resolution plan for Essar Steel under the IBC, affirming the committee of creditors' commercial primacy.

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