In the Indian Insolvency scenario the insolvency and bankruptcy is governed by a uniform law of Insolvency and Bankruptcy Code, 2016 (Code) which came into force in 2016. In the almost 4 years of its inception, the Code has seen a lot of important judgments and orders being given by the National Company Law Tribunal (NCLT) / National Company Law Appellate Tribunal (NCLAT) as well as the Apex Court of India. The Code provides a framework for the insolvency resolution; inter alia, corporate and individuals which does not include Financial Service Providers. Section 3(16) of the Code defines ‘Financial Services’ and reads as