Delay in Corporate Insolvency Resolution Process: Is the Insolvency and Bankruptcy Code, 2016, Losing its Time-bound Nature

India's insolvency and bankruptcy regime underwent a major revision with the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. The goal of the new law is to quickly reform and consolidate the laws pertaining to the reorganization and insolvency resolution of people, corporations, and partnership businesses. It signalled a break from the previous recovery strategy and the creation of a system to revive, settle, and reorganize the sick or troubled debtors. The effectiveness of a nation's corporate environment is determined by both the ease with which companies can thrive in the market and the effectiveness of the systems that enable companies to quit the market with the least amount of loss to creditors. For many years, a number of legal procedures in India permitted this kind of exit to business companies. However, it is evident how well the previous laws performed that a comprehensive redesign of the insolvency resolution process was required. According to the Bankruptcy Law improvements Committee Report, the nation's credit system has consistently failed in spite of numerous improvements. The pertinent information demonstrates that the deadlines specified in the Code and its ensuing rules have not been fully followed. Due to this, the debtor's assets have lost value, which has led to poor recovery rates. However, data also indicates that IBC is changing and actively attempting to adjust to the market realities in spite of its shortcomings. This strengthens the conviction that IBC will undoubtedly succeed in achieving its goals soon.