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of <h1>Insolvency and Bankruptcy Code, 2016: Key Provisions Enforced to Streamline Reorganization and Maximize Asset Value in India.</h1> The Insolvency and Bankruptcy Code, 2016 (IBC) applies throughout India and was enforced on May 28, 2016. The Central Government has the authority to appoint different commencement dates for various provisions. Notably, sections 188 to 194 were enforced on August 5, 2016, and several other sections on August 19, 2016. The IBC aims to consolidate and amend laws related to the reorganization and insolvency resolution of corporate entities, partnership firms, and individuals. It seeks to maximize asset value, promote entrepreneurship, ensure credit availability, balance stakeholder interests, and establish the Insolvency and Bankruptcy Board of India.
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