FRIDA (InFRared Imager and Dissector for the Adaptive optics system of GTC) is a near infrared, diffraction limited imager and integral field spectrograph that has been designed and is being built as a collaborative project between GTC partner institutions from México, Spain and the USA. FRIDA will operate with the adaptive optics system of GTC. Three different scales are provided in imaging mode, 0.010, 0.020 and 0.040 arcsec pixel^{-1}. The integral field unit is based on a monolithic image slicer that will slice up the field of view into 30 slices. The IFS spaxels have a 2:1 pixels aspect ratio (2 along the spectral axis an 1 along the spatial axis) and it will offer three different spectral resolutions, R ˜ 1000, 5000 and 30,000, the latter over selectable regions in the H & K bands. Thus FRIDA will exploit the diffraction limit of a 10.4 m telescope with superb image quality and spectral resolutions suitable to tackle a large range of topical astrophysical problems. FRIDA has started systems integration and is scheduled to be ready for fully integrated system tests by the end of 2015 and be delivered to GTC shortly after. Here we present an overview of its design, current status and potential scientific applications.