Explanation:

Correct Option: 1 (28.05.2016)

Explanation:

• The Insolvency and Bankruptcy Code, 2016 was notified in the Gazette of India on 28th May 2016.
• The Code was enacted to:
  • Consolidate and amend insolvency and bankruptcy laws.
  • Establish a unified legal framework for insolvency resolution.
  • Promote entrepreneurship, credit availability, and economic growth.
• This notification marked a crucial milestone in improving India’s insolvency resolution processes.