About the Law: The primary goal of The Insolvency and Bankruptcy Code, 2016 is to reorganize and remedy the insolvency of corporate persons in a time-bound process. IBC is an Act to consolidate and amend laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Under IBC, both the debtor and the creditor (financial and operational) can start the corporate insolvency resolution process. The main objective of IBC is to ensure that corporate debtors remain a going concern.