Abstract

The Insolvency and Bankruptcy Code 2016 is intended to consolidate the framework by establishing distinct legislation for bankruptcy in the country. Corporate governance refers to a company's dedication to running its activities legally, ethically, and transparently. It includes exchanges between shareholders, creditors, employees, and the general public. To improve debt settlement procedures in India, the Insolvency and Bankruptcy Code, 2016 (IBC) was implemented. The IBC tries to give creditors power over a firm, allowing them to make debt payment decisions while the debtor continues to operate. Debt repayment, a change in control, and liability release are all viable resolution options. The research paper discusses code changes, such as the development of a credit-control regime. This study looks at how resolution experts, creditors' committees, and other stakeholders help to achieve corporate governance standards. The code promotes corporate governance principles and regulatory procedures for firm resurrection via CIPR, or liquidation, while balancing the interests of debtors and creditors. It makes the process of doing business less inconvenient, hence strengthening the country's business environment. It protects creditors' accounts from becoming NPAs, and the code ensures justice for shareholders by restructuring and restarting the business in a fixed time frame. To decide the tribunal's position on the issue, many case laws are reviewed. The report makes recommendations for increasing efficiency under the IBC on the subject.

Keywords