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 The code gets its consent on- By Lok Sabha- 5th May 2016 By Rajya Sabha- 11th May 2016 By President- 28th May 2016 Thus the code came into force on 28th May 2016 , as notified by the Central Government in the Official Gazette. The code has extended to the whole of India. Four Pillars of the Code The IBC, 2016 is based on a four-pillar institutional framework, comprising- • NCLT and NCLAT, the adjudicating authority, • Insolvency and Bankruptcy Board of India, the regulator of insolvency professionals and insolvency professional agencies, • Insolvency professionals, the class of regulated persons responsible for the efficient execution of the processes specified under IBC, and • Information utilities, the new industry to electronically store facts about lenders and terms of lending. The main purpose of the code is- to reach a level where there would be the time-bound settlement of insolvency. to resolve India's bad debts problem by creating a database of defaulters. to de...

 It is applicable to the whole of India, and it shall also apply to- 1. Citizens of India outside India, and 2. Associate branches or subsidiaries, outside India, of companies or bodies corporate registered or incorporated in India. Objectives of the Act:- 1. Regulate the acceptance and utilisation of foreign contribution. 2. Regulate the acceptance of foreign hospitality.  3. Prohibit acceptance and utilisation of foreign contribution or hospitality for any activities detrimental to national interest. 4. Provide for matters connected therewith or incidental thereto. -×-×-

Short Title : The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. Long Title : An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights and for matters connected therewith or incidental thereto. SARFAESI Act is an Indian law. It extended to the whole of India . The Act was enacted by Parliament of India on 17 th Dec, 2002. The act was amended by "Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, passed by Lok Sabha. Before this Act took effect, financial institutions had to take recourse to civil suits in the courts to recover their dues, which is a lengthy and time-consuming process. As per the SARFAESI Act, if a borrower defaults on a loan financed by a bank against collateral, then the bank gets sweeping...