What do you mean by ‘Managed Code’ ?

Managed code is code written for .Net runtime or CLR (Common Language Runtime). The code that provides enough information to allow the common language runtime to perform the following tasks:
-         Given an address inside the code locate the metadata describing the method.
-         Walk the stack
-         Handle exceptions
-         Store and retrieve security information
Related to managed code is managed data. Managed data is data that is allocated but freed automatically by the garbage collection process. With garbage collection when an item goes out of scope the runtime cleans it up.