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The Insolvency and Bankruptcy Code (IBC) is a legal framework in India that addresses insolvency and bankruptcy proceedings for individuals, partnerships, and companies. It aims to expedite the resolution process, protect the interests of creditors and debtors, and promote entrepreneurship. Key features of the IBC include time-bound resolution, the establishment of insolvency professionals and insolvency resolution professionals, and the creation of the Insolvency and Bankruptcy Board of India to oversee the implementation of the code.
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