Introduction of Insolvency and Bankruptcy Code, 2016 (In short, IBC, 2016) was the biggest reform in the Indian legal sector aimed to ameliorate the mechanism of financial failures and insolvency procedures in cases of individuals as well as companies. Four years down the line, IBC, 2016 has proved to be one of the most efficient Codes that has ever been implemented. It has made the process of insolvency smooth, speedy, and crystal clear. By providing a time-bound mechanism for winding up, payment of creditors, and other issues, it has proved to be a modus Vivendi for all the stakeholders.
