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of <h1>Insolvency and Bankruptcy Code, 2016 covers companies, LLPs, and individuals for insolvency and liquidation under various acts.</h1> The Insolvency and Bankruptcy Code, 2016, applies to companies incorporated under the Companies Act, 2013, or any previous company law, companies governed by special Acts unless inconsistent, Limited Liability Partnerships under the LLP Act, 2008, and other bodies specified by the Central Government. It also covers personal guarantors to corporate debtors, partnership firms, proprietorship firms, and individuals for insolvency, liquidation, or bankruptcy. Provisions for clauses (a) to (d) took effect on December 1, 2016, and for voluntary liquidation or bankruptcy on April 1, 2017. Clause (e) became effective on December 1, 2019.
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