“The Insolvency and Bankruptcy Code, 2016”, has three elements which are basically meant to deal with the problems that affected the bankruptcy regime in India. The Code intends to save the industry from deterioration by way of either reviving the company in question or faster liquidation of the same. Thus the code reduced the timeline for recovery/ resolution from decades to a few years at the most. The Code aims at giving the power to the creditor in case of default by the debtor. It is exactly the opposite of the earlier acts and laws which will definitely bring a wave of positivity among the individuals and corporates. The paper focuses on the need for changes and highlights of the new code.