MoS Finance and Corporate Affairs Arjun Ram Meghwal has said Insolvency and Bankruptcy Code, 2016 is a key economic reform and it will facilitate ease of doing business and promote economic growth. <br/><br/>Inaugurating the new premises of the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today, Mr Meghwal appreciated the progress so far made by the Ministry of Corporate Affairs and the IBBI to implement this reform. He advised that this reform should be suitably disseminated at international fora. The Minister emphasized that a regulator is duty bound to guide and steer the market forces in the right direction and not be intrusive. <br/><br/>Our correspondent reports that Insolvency Bankruptcy Code, 2016 provides a market determined, time bound mechanism for orderly resolution of insolvency, wherever possible, and ease of exit, wherever required. The IBBI is a key element of the ecosystem that implements the Insolvency and Bankruptcy Code, 2016. It was established on 1st October, 2016.