Introduction
The Insolvency and Bankruptcy Code (the IBC) enacted in 20161, signifies a substantial reform in India’s legal framework for insolvency resolution. Before its introduction, the country faced a fragmented system composed of multiple laws and adjudicating bodies that frequently resulted in prolonged and inefficient insolvency proceedings. The IBC was created to consolidate these disparate laws into a single, comprehensive framework, streamlining the process for both corporate entities and individuals encountering insolvency. The primary objectives of the IBC are to facilitate the timely resolution of insolvency cases, maximise asset value, and encourage entrepreneurship while balancing the interests of all stakeholders…