The final order was uploaded on 14 August 2017 on the NCLT website.
The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The plea for insolvency was submitted by company on 23 January 2017. The first insolvency resolution order under this code was passed by National Company Law Tribunal (NCLT) in the case of Synergies-Dooray Automotive Ltd on 14 August 2017. Subsequently, it received assent from President Pranab Mukherjee and was notified in The Gazette of India on. It was passed by the Lok Sabha on, and by the Rajya Sabha on. The JPC submitted its report, which included a new draft of the Bill, 28 April 2016. A Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 (JPC) was set up and the bill was referred to it for detailed analysis. A modified version of the draft bill, after the incorporation of public comments, was introduced in the Sixteenth Lok Sabha Lok Sabha by Finance Minister Arun Jaitley as the Insolvency and Bankruptcy Code, 2015.
The Committee submitted its report, which included a draft bill, on 4 November 2015. Viswanathan, and tasked with drafting a new bankruptcy law. On 22 August 2014, the Ministry of Finance created the Bankruptcy Legislative Reforms Committee (BLRC). Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations, such as the Companies Act 2013, the Sick Industrial Companies (Special Provisions) Act, 1985, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI Act), 1993, and others. An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability ofĬredit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
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