The IBC was introduced in 2016 to resolve claims involving insolvent companies to tackle the bad loan problems that were affecting the banking system and ever since its inception, without much doubt, IBC can be termed as an important reform in a string of such measures introduced by the Government of India which have acted as a catalyst in acceleration of the Indian economy. The IBC has been a game changer in the realm of economic legislation. By putting in place a comprehensive ‘one-stop-shop’ for insolvency resolution, it has paved the way for ease of exit in case of honest business failure. The IBC has addressed the troubling shortcomings in existing staggered insolvency laws in India and has brought them under one umbrella. The outcomes of the Code have played out well in improving India’s ranking in ease of resolving insolvency indicators internationally. As per the Global Innovation Index 2021, India’s rank has improved from 111 in 2017 to 47 in 2021 regarding ‘Ease of Resolving Insolvency’. Hence, IBC has augmented the ‘ease of doing business in India’ and has turned out to be an effective reform in the nation's financial system.