RAS question
The 'Insolvency and Bankruptcy Code (IBC)' was enacted in which year?
Correct answer: (D) 2016.
India enacted the Insolvency and Bankruptcy Code in 2016.
Explanation
India Code identifies the law as the Insolvency and Bankruptcy Code, 2016, with 2016 date metadata, so 2016 is the enactment year. The point of the Code was not just to add another insolvency statute. It consolidated and amended the earlier framework for reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, with the core exam purpose of a time-bound insolvency process. That is why the NCLT angle matters in the MCQ: it shows that the Code paired consolidation of laws with a designated adjudicating authority, instead of leaving insolvency resolution scattered across older legal routes.
Why the other options are wrong
- (A) 2017 is wrong because India Code records the Act as the Insolvency and Bankruptcy Code, 2016; later 2017 dates on the page concern commencement of some provisions, not the enactment year.
- (B) 2014 is wrong because the official India Code entry titles and dates the statute to 2016, two years later.
- (C) 2015 is wrong because it comes before the official 2016 date recorded for the Insolvency and Bankruptcy Code.
Concept
This tests the Indian Economy theme of legal and financial-sector reform through a landmark insolvency law. It is RAS-relevant because the year anchors the Code's purpose: time-bound insolvency resolution through a consolidated statutory framework.