The introduction of the Insolvency and bankruptcy code in 2016 came as a ray of hope to deal with insolvency and bankruptcy matters in a more elaborative and comprehensive manner. Before this, several laws dealt with the creditor-debtor relationship but the Insolvency and Bankruptcy code came intending to consolidate the existing framework by providing a single code to deal with insolvency and bankruptcy in India and it touched many unexplored areas and brought them into its ambit. Undoubtedly, since the code’s introduction, it has proved its need and importance well.
