From making the Insolvency and Bankruptcy Board a reality to tweaking norms for improved ease of doing business, the Corporate Affairs Ministry strived to strike the right note this year even as further amendments to the new companies law got entangled in Parliament logjam. Pushing forward with implementation of pending provisions in the Companies Act, 2013, the National Company Law Tribunal (NCLT) replacing the Company Law Board (CLB), and its appellate authority were also put in place.
Seen as one of the key reforms of the NDA regime, the Insolvency and Bankruptcy Board of India (IBBI) came into existence in a short span of time this year soon after Parliament gave its nod to the legislation in this regard. IBBI officially started functioning from December 1 bringing into force the Insolvency and Bankruptcy Code that seeks to ensure insolvency resolution of corporate entities, partnership firms and individuals in a time-bound manner.