Insolvency is a situation which arises due to inability to pay off the debts due to insufficient assets, bankruptcy is a situation wherein application is made to an authority declaring insolvency and seeking to be declared as bankrupt, which will continue until discharge. The Indian Insolvency and Bankruptcy Code (IBC), enacted in 2016, provides a unified and time-bound framework for resolving insolvency issues in India. It covers corporate entities, partnerships, and individuals, aiming for efficient resolution or liquidation within specified timelines. The Adjudicating Authority (National Company Law Tribunal, National Company Law Appellate Tribunal) and insolvency professionals play key roles in the process. 2016 has marked several liberalization and regulation reforms to allow the law and its process in India to catch up with the robust and changing economic and investment environment. One such reform was the Insolvency and Bankruptcy Code, 2016.Simply put, IBC ensures that in case of a default by the equity owners to meet their debt obligations, control is transferred to the creditors and equity owners take a back seat. Samaya Law has a proven history of advocating for clients embroiled in insolvency and liquidation proceedings. Our representation encompasses guiding clients through the complexities of these processes, from the initiation of insolvency to the liquidation phase. Importantly, our commitment extends beyond the liquidation event itself, as we diligently provide ongoing support and assistance to address any residual matters, ensuring a comprehensive and sustained approach to our clients' needs.