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of <h1>Insolvency and Bankruptcy Code, 2016: Streamlining Reorganization and Maximizing Asset Value for Corporate Entities and Individuals</h1> The Insolvency and Bankruptcy Code, 2016, enacted by the Indian Parliament, aims to consolidate and amend laws regarding the reorganization and insolvency resolution of corporate entities, partnerships, and individuals. It seeks to maximize asset value, promote entrepreneurship, ensure credit availability, and balance stakeholder interests, including altering the priority of government dues. The Code establishes the Insolvency and Bankruptcy Board of India and applies across India, with provisions for different commencement dates as notified by the Central Government. Initially, Part III did not extend to Jammu and Kashmir, but this was omitted in 2020.
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