To print this article, all you need is to be registered or login on Mondaq.com. The Insolvency and Bankruptcy Code stands to be one of the most direly needed legislation in the wake of the increasing corporate culture in India. The code makes both individual and corporate insolvency process comprehensive yet simpler. The code has a very vast scope and is applicable to the entire range starting from a farmer to a billionaire businessman, from startups to well-established gigantic corporate hubs. Corporate defaults run at micro levels. Even at a micro level of the individual such failures may very well occur. Due to an unfortunate yet inevitable