A Study on Insolvency and Bakruptcy Code with Special Reference to GAAP and Accounting Standard Along With Reporting System

Insolvency and bankruptcy is one of most bad word for any business establishment, which is equal to death, rather we can say death of any business organization. It has been observed that in most of the cases there are so many disputes among creditors and insolvent organization. The researcher has analyzed the rules and provisions of insolvency and bankruptcy code of India and other relevant provisions along with insolvency rule of different countries for the protection of creditor for the preventions of fraud with the claimants. The famous rules for the prevention of frauds as example in America through SOX Act. But India’s government has streamline the major problems in insolvency through insolvency and bankruptcy code which the researcher has  analyzed properly in the light of GAAP ( Generally Accepted Accounting Principles) and accounting standards along with reasons and tried to give best possible solutions to avoid the situation of bankruptcy  in the form of preventive Modal for avoiding this bad situation of insolvency and bankruptcy for any business, as it’s rightly said, ‘a stitch in time saves nine”