The Insolvency and Bankruptcy Code was enacted in which year?

The Insolvency and Bankruptcy Code (IBC) was enacted in the year 2016. This comprehensive legislation was introduced to streamline the process of insolvency and bankruptcy in India, providing a framework for timely resolution of insolvency issues and enhancing the ease of doing business.

The IBC consolidates the laws relating to insolvency and bankruptcy of individuals and corporate entities into a single code, thereby simplifying the process and improving the recovery rate for creditors. Since its inception, the Code has played a pivotal role in addressing issues faced by businesses in financial distress, promoting entrepreneurship, and ensuring efficient allocation of resources in the economy.

The other years mentioned did not correspond to the enactment of the IBC; therefore, they do not reflect the correct historical context of this significant legal reform.