The Insolvency and Bankruptcy Code, 2016

Legislative Background of the Bankruptcy Code The Finance Minister, Mr. Arun Jaitley, in his Budget Speech 2015-16, had identified ‘Bankruptcy Law Reforms’ as a key priority for improving the ease of doing business and had announced that a comprehensive bankruptcy code, meeting global standards and providing necessary ju- dicial capacity, will be brought in. Consequently, the Government constituted a Bankruptcy Law Reforms Committee under the Chairmanship of Dr. T. K. Viswanathan to look into various bankruptcy related issues. Bahram Vakil, Founding Partner, AZB & Partners was appointed as a member to the Bankruptcy Law Reforms Committee.