The Insolvency and Bankruptcy Code, 2016 (IBC / Code) has undergone various amendments so far, and the Code continues to have a constantly evolving and rich judicial jurisprudence which is a testament to the judicial and legislative attempt to cope with the challenges in the effective implementation of the Code. The Preamble of the Code has corporate rescue as one of its objectives. However, in implementing the Code, we seem to have lost sight of this goal. In this context, this paper argues that the existing legal lacunae are jeopardising the end-goal of corporate rescue whereby this legal flaw primarily pertains to two main institutions responsible for carrying out the corporate insolvency process (CIRP) i.e., committee of creditors (CoC) and Resolution Professional (RP). We hope that this paper will make a significant contribution to the scholarly literature as, so far, there have been limited attempts to identify and analyse the importance of having concrete governance standards relating to the actors participating in CIRP, especially to achieve the target of corporate rescue. In the process, the research paper would address gaps in the existing literature regarding the requirement to have independence of RP and a code of conduct for CoC.