Marking the start of a new regime, the Insolvency and Bankruptcy Code is becoming operational from today. The Code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. <br/><br/>Describing the Code as the next major reform undertaken by the Centre after the Goods and Services Tax, Corporate Affairs Secretary Tapan Ray yesterday said that a new regime will operational today.<br/><br/>The Insolvency and Bankruptcy Board of India, IBBI has been set up under the Code. As many as 15 insolvency professionals and three insolvency professional agencies have already been registered with the IBBI.