2 December 2016
On 28 May 2016, the Insolvency and Bankruptcy Code 2016 (IBC) received Presidential assent in India and was published in the Official Gazette. The Government of India has notified several sections of the IBC for commencement since then. On 1 December 2016, the sections of the IBC related to resolution of corporate insolvency and corresponding regulations made by the Insolvency and Bankruptcy Board of India (the Board) became operational. While several critical provisions of the IBC (including those on liquidation) are yet to be notified, the IBC signals a radical change in how future reorganisations and formal liquidation will be conducted in India.