MINISTRY OF LAW AND JUSTICE
New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka)
The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information:—
NO. 31 OF 2016
[28th May, 2016.]
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:—
Short title, extent and commencement.
1. (1) This Code may be called the Insolvency and Bankruptcy Code, 2016.
(2) It extends to the whole of India:
Provided that Part III of this Code shall not extend to the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: