The Insolvency and Bankruptcy Code 2016 (hereinafter referred to as ‘Code’) is the main legislation on corporate insolvency in India. The Insolvency and Bankruptcy Board of India is the regulatory body established under the Code. The object of the Code is to provide a resolution mechanism within the prescribed timeline and maximisation of value of assets for the benefit of stakeholders. As per the Code, the corporate insolvency resolution process (hereinafter referred to as CIRP) can be initiated by a financial creditor (itself or with other financial creditors), an operational creditor or by the corporate debtor itself when a default is committed by a corporate debtor.