The insolvency and bankruptcy law in India has become one of the biggest challenges for Indian economy in the last decade especially since the insolvency law in India was ancient. Recognizing that reforms in the insolvency and bankruptcy regime are critical for improving the business environment, the Government of India introduced the Insolvency and Bankruptcy Code Bill in November 2015, drafted by a specially constituted ‘Bankruptcy Law Reforms Committee’ (BLRC) under the Ministry of Finance. After a public consultation process and recommendations from a joint committee of Parliament, both the houses of Parliament passed the Insolvency and Bankruptcy Code, 2016 (Code/IBC).