Most of the developers in the software industry though have some instinctive capacity to refactor but the true expertise of this skill is rarely found in real time software development. Thus it is significant to discern the reasons as to how prevalent are the refactoring practices in reality and what are the major factors impacting its role and adoption in software development. This paper tries to explore the actual implementation of refactoring practices in software industry by taking inputs from the software professionals working in different projects and companies. This exploration is basically required to assess the gap between research practices and Industrial norms. An important fact that to this work is also that we try to probe the consequences in absence of refactoring, What are the code rejuvenation practices adopted by the professionals in absence of refactoring or due to non familiarity or lack of expertise in the area.