The Companies Act of 1956, the Sick Industrial Companies (Special Provisions) Act of 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, and the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest act were among the numerous laws that dealt with the insolvency and restructuring procedures of corporate entities, partnership firms, and individuals prior to the implementation of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016 or code). Multiple laws, forums, and complications made it difficult to resolve troubled companies, partnership businesses, or people promptly. This further caused the assets of the borrower to lose value, rendering insolvency negotiations unnecessary. The laws governing bankruptcy and insolvency have undergone considerable revisions in India. The Insolvency and Bankruptcy Code, 2016, which was passed to correct the shortcomings of the earlier bankruptcy legislation, has had a significant influence, even in the short term. Since the Code was adopted in 2016, one of the most dynamic legal areas in India has been insolvency law. The Code has made it possible for financial creditors to play a big role in businesses, opened doors for investors to invest, and sparked considerable disputes between parties. It has affected a variety of industrial sectors, including the steel industry and real estate. Therefore, it necessitates a more proactive strategy to reduce the likelihood of suffering significant losses. Due to its in-depth understanding of fundamental corporate and commercial law and its awareness of many business sectors, the company can offer comprehensive and effective guidance to Clients.