The Lok Sabha today took up the Insolvency and Bankruptcy Code,2016 for consideration and passing post lunch.The Code was moved by Minister of State for Finance Jayant Sinha.<br/><br/>The Code seeks to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. <br/><br/>The bill provides for setting up of a Insolvency and Bankruptcy Board of India to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies. <br/><br/>As per the code, in case of insolvency, interest of the workers should be fully protected and they should be given dues for 24 months. The bill was introduced in Lok Sabha on 21st of December last year and was referred to the Joint Committee of both the Houses.<br/><br/>The Committee submitted its report on 28th of last month.Initiating the discussion, Sushmita Dev of Congress said that the Code will help improve the country's ranking in respect of ease of doing business.P P Choudhary of BJP said, the legislation will boost the ease of doing business. In the code, there is a provision of setting up of Insolvency and Bankruptcy Fund.