Modern business environment throws hard punches not just at an individual level but at team level too. In today’s sweeping and highly complex environment, top teams need to be more than just high performers. They need to adapt and thrive, regardless of the turbulence they face. Research revealed that resilient teams can be more agile and adjust easily with the varying demands of its market. Appreciating the importance of resilience in team-context, this study examined the relationship among team resilience (TR), competitive advantage (CA), and organizational effectiveness (OE). Using descriptive research design data were collected from 300 employees aggregated into 71 teams from 18 IT firms located in Northern India. Statistical analyses found a significant relationship between TR and OE. CA was found to be a partial mediator among the relationship between TR and OE. Findings underline the strength of a relationship and predictive ability of various dimensions of TR with OE and CA. Based on the empirical results, the researcher proposed a Team Resilience Building Framework (TRBF). The organizations may benefit from the research findings in terms of devising the strategies to enhance resilience capacity of their teams.