The government has been quick in strengthening the newly introduced Insolvency and Bankruptcy Code 2016 by framing draft regulations for insolvency process and liquidation of corporate entities, registration of insolvency professionals and insolvency agencies, rules for applications to the adjudicating authority and draft model by-laws for insolvency agencies. Business Standard takesalookat thebriefbackgroundandprogressof theCode,aswellassomekeyfeatures oftherecentproposalswhichhave beenputupforpublicdiscussiontill October31. WhenwastheCodeintroduced,and withwhatobjective? TheCodecameintoforceonMay28, 2016.Theobjectivewastorevampthe scenarioofassetreconstructionand streamlinetheprocessofcorporate liquidation.Stillinitsnascentstages, thelegislationhasalreadybeenlaudedasapath-breakingdevelopment fromtheearlierframeworkofinsolvency,governedprimarilythoughthe erstwhilecolonialstatutes—The PresidencyTownsInsolvencyAct 1909andTheProvincialInsolvency Act 1920 — alongside the Sick Industrial