<h1>Rajya Sabha Passes Insolvency and Bankruptcy Code 2016 to Boost Economic Reform and Streamline Financial Distress Resolution.</h1> The Rajya Sabha has passed the Insolvency and Bankruptcy Code, 2016, marking a significant economic reform in India. This legislation aims to streamline the process of insolvency and bankruptcy, replacing outdated laws and improving creditor confidence. It introduces a structured framework for resolving financial distress in companies, partnerships, and individuals, with the establishment of bodies like the Insolvency and Bankruptcy Board of India and the use of Insolvency Professionals. The Code seeks to enhance the efficiency of the credit market and promote entrepreneurship by providing a time-bound resolution process, thereby encouraging innovation and economic growth.