The Insolvency & Bankruptcy Code, 2016 is considered to be the most significant and crucial law reform which has come into effect as it is expected to give a boost to the Indian economy by decreasing the number of NPAs and increasing the resolution and revival of companies and entities. This code will enhance the trust of the creditors and also provide them a security by providing a speedy resolving process, by realizing the maximum worth of the corporate entity. This law will open new horizons for different entities by providing faster resolution of dispute in a timely manner and providing the corporate entity the chance of revival who were earlier forced into the garb of liquidation or winding up.