Application of The Insolvency and Bankruptcy Code 2016
The provisions of the Insolvency and Bankruptcy Code 2016 is applicable on the followings—
- any company incorporated under the Companies Act, 2013 or under any previous company law;
- any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act;
- any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008;
- 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
- partnership firms and individuals, in relation to their insolvency, liquidation, voluntary liquidation or bankruptcy, as the case may be.
The Insolvency and Bankruptcy Code 2016 (an Act of Parliament) received the assent of the President on the 28th May, 2016, and was published by the Central Government on the same day.