Explanation:

- Option 1: 2010

- This option is incorrect. The Bankruptcy Legislative Reforms Committee wasn't formed in 2010. In this year, financial systems worldwide were still dealing with the aftermath of the 2008 financial crisis, but this specific committee wasn't established.

- Option 2: 2009

- This is not the correct year. In 2009, although India was reforming its financial and legal sectors, the BLRC was not set up during this time.

- Option 3: 2014

- This is the correct answer. The Bankruptcy Legislative Reforms Committee (BLRC) was indeed set up in 2014 to overhaul and modernize India’s insolvency framework.

- Option 4: 2012

- The option is incorrect as well. Efforts for reforming bankruptcy laws were ongoing, but the BLRC specifically was not established in this year.

Option 3: 2014 is correct. .