# Insolvency and Bankruptcy Code receives presidential assent

Date: 2016

## The fact

On 28 May 2016 the Insolvency and Bankruptcy Code, 2016 received presidential assent, creating a time-bound corporate and individual insolvency process.

## Context

The Finance Ministry and IBBI implement. NCLT benches hear cases. [Modi](/people/narendra-modi) is the prime minister of the government that enacted it. He did not sit as every resolution professional. Later amendments are neighbouring later statutes.

GST in 2017 is a neighbouring later tax instrument. Later IBC amendments are neighbouring later statutes.

The Prime Minister of India is head of the Union Council of Ministers. Parliament writes statutes; the President assents; states and Union ministries implement; the Supreme Court can strike a scheme down. A prime minister can announce demonetisation, drive a bill, and take an oath. He does not write a UNFCCC depositary record, an ISRO telemetry file, or a Supreme Court judgment by himself.

## Evidence and sources

Government of India carries the official instrument or communique. Reuters records the same dated act independently.

## Significance

The path is [banking-system stability](/drivers/banking-system-stability) and fiscal sustainability: a completed insolvency code is a dated creditor-rights and resolution instrument.

## What is established and what is not

Established: a 28 May 2016 presidential assent to the Insolvency and Bankruptcy Code.

Not established: a unique later NPA coefficient from assent day, or that every later haircut was optimal.

What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions.

The date is the date of this instrument, not a licence to back-date every later harm or benefit.

Parliament passed it. The President assented. IBBI and NCLT implement.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies Insolvency and Bankruptcy Code receives presidential assent, not a later speech about Insolvency and Bankruptcy Code receives presidential assent.

Co-authors and later implementers named in Context remain on the file. Insolvency and Bankruptcy Code receives presidential assent on 2016-05-28 is not a licence to treat every later Government of India communique as this same act. If a later repeal, stay, or successor decree exists, it needs its own date and its own row. This dossier refuses to average Insolvency and Bankruptcy Code receives presidential assent into a personality. The contribution described on this Person row is limited to His government piloted the code. Parliament passed it. The President assented. IBBI and NCLT implement. That limit is the alternative to treating office-holding as authorship of every later series. The Lok Sabha, Rajya Sabha, the President, the Reserve Bank, state governments, the Election Commission, and foreign counterparties share specific files. Allegation is not a completed judgment. A Supreme Court striking-down is not a criminal conviction. A scheme notification is not a unique rupee coefficient. A UN pledge is not a delivered emissions path.

## People

- Narendra Modi: https://factrail.ai/people/narendra-modi

## Drivers

- Banking-System Stability: https://factrail.ai/drivers/banking-system-stability
- Fiscal-Policy Sustainability: https://factrail.ai/drivers/fiscal-policy-sustainability

## Sources

- https://www.reuters.com/article/us-india-bankruptcy-idUSKCN0YJ0XJ
- https://www.indiacode.nic.in/handle/123456789/2157

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/in-ibc-2016