Explanation:

It is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in the  country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India. The Code was amended in 2017 to prohibit certain persons from submitting a resolution plan in case of defaults, and to prohibit the sale of property of a defaulter to such persons during liquidation.