India, Feb. 12 -- The Insolvency and Bankruptcy Code (IBC) of 2016 stands as a transformative milestone in recent Indian legislative history. Enacted with the aim of streamlining and expediting the resolution process for distressed businesses, the IBC has had far-reaching implications for India's economic landscape and global standing. In this comprehensive exploration, we delve into the genesis of the IBC, its impact on India's Ease of Doing Business Index, the role of the Insolvency and Bankruptcy Board of India (IBBI), and the recent amendments that have further refined and strengthened the framework.

The IBC of 2016 was a response to the urgent need for a comprehensive insolvency regime in India. Prior to its enactment, the country g...