Short title, extent and commencement of IBC

A new metro line is announced in a budget, but the first train runs on one stretch months before the rest opens. Nobody says the metro “has not started”; it is being commissioned section by section. The Insolvency and Bankruptcy Code was switched on in exactly that way. Section 1 is short, but the footnote beneath it is where you learn when each part of the Code actually became law.

In two minutes

Section 1 gives the Code its name, extends it to the whole of India, and lets the Central Government bring it into force by notification, on different dates for different provisions, which is exactly how it was commissioned from August 2016 onwards.

The rest of this chapter

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