Insolvency and Bankruptcy Code (IBC) was authorized by both Houses of Parliament and received the Presidential assent in May 2016. Later on 01st December 2016, the Insolvency and Bankruptcy Code (IBC) was operationalized. IBC creates a new-found institutional framework, entailing a regulator, insolvency specialists, information functions and adjudicatory mechanisms, that will facilitate a formal and time-bound insolvency resolution and liquidation process.