The IBC Code (Insolvency and Bankruptcy Code)
It is the law governing the rights, relation and conduct of persons, companies, the legal entities organizations and businesses.
The IBC code was introduced in Loksabha in December 2015.
An act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons partnership firms and individuals and time bound manner for maximization of value of assess of such persons to promote entrepreneurship, availability of credit and balance of interest of all the stake holders including alteration in the order of priority of payment of government dues and to establish Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. It extends to the whole of India.

It applies to any company incorporated under the companies act, 2013 or under any previous company law or to any other Company governed by any special act for the time being in force, to any Limited liability Partnership (LLP) incorporated under LLP act, 2008, to such other body incorporated under any law for the time being in force as the Central Government may by notification, Specify in this behalf and to partnership firms and Individuals. In relation to their in Solvency, Liquidation voluntary or Liquidation Bankruptcy as the case may be.