The Insolvency and Bankruptcy Code, 2016 (IBC) represents a significant change in India's approach to corporate financial distress. Before its enactment, corporate insolvency framework in India was fragmented across different statutes and institutional mechanisms, including the Companies Act 2013, which contained provisions relating to corporate winding-up, the Sick Industrial Companies (Special Provisions) Act 1985 and various debt-recovery mechanisms. The earlier framework was characterised by delays, multiplicity of proceedings and institutional fragmentation, which frequently contributed to the erosion of value in distressed enterprises. The IBC initiated a consolidated and time-bound framework centred on resolution rather than immediate liquidation, with the objectives of maximising asset value, promoting entrepreneurship and availability of credit and balancing the interests of stakeholders. This paper critically examines corporate insolvency resolution under the IBC 2016, with particular emphasis on the Corporate Insolvency Resolution Process (CIRP), moratorium, Committee of Creditors (CoC), insolvency professionals, resolution plans, valuation and liquidation. It further evolves judicial interpretation concerning the commercial wisdom of the CoC and evaluates the practical effectiveness of the Code through available institutional data. The analysis demonstrates that the IBC has significantly changed creditor-debtor behaviour and created a more coherent framework for corporate distress. However, delays in admission and resolution, institutional constraints, value erosion, valuation concerns and difficulties in implementing approved resolution plans continue to affect its effectiveness. This paper discusses that the future of insolvency law in India should focus not merely on increasing the number of resolutions but on ensuring timely, commercially viable and sustainable corporate revival.