Introduced by the Government in 2015, the Insolvency and Bankruptcy Code came into effect in 2016 after both houses of parliament passed the said law. It is an effort to create a unified framework to resolve insolvency in India. The code seeks to bring semblance to an otherwise unstructured process and ensure that all re-organisation and insolvency resolutions of corporate persons, partnership firms and individuals is conducted in a time bound manner for maximisation of value of assets of such persons.