Enactment of the Insolvency and Bankruptcy Code, 2016 (“Code”) is one of the key gem in the Indian rule book and one of the greatest economic legislative reform. The Code has been define as “An Act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interest of all the stake holders including alteration in the order of priority of payment of Government dues and to establish as Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.”