This article provides an overview of the significance of mediation in India, particularly in the context of the IBC. It highlights the adoption of the Mediation Bill 2021, to promote accessible and popular mediation practices. The Singapore Convention on Mediation and its benefits for enforcing settlement agreements globally are discussed. The successful incorporation of mediation in insolvency processes in the United States of America, the United Kingdom, the European Union, Japan, Singapore, and Australia offers valuable insights for India. The article also emphasizes the need for effective measures to address delays in the application of the CIRP and the importance of voluntary participation in mediation. It also highlights the importance of formalizing mediation within the IBC and addressing challenges related to pre-litigation mediation, exceptional circumstances, international mediation, and the modification of moratorium provisions. Overall, mediation is recognized as a valuable tool for efficient dispute resolution and stakeholder protection in insolvency cases.