Key amendments to the Insolvency and Bankruptcy Code

The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026) introduced significant structural changes to the IBC 2016. Here is a section-wise enlistment of the key amendments:

1. Preliminary & Definitions (Part I & II)

• Section 3 (Definitions): * “Security Interest”: Amended to clarify that it only covers interests created by agreement or arrangement (e.g., mortgages). It specifically excludes involuntary statutory charges or liens (like government tax dues), meaning the government is no longer treated as a “secured creditor” by operation of law.
  • “Service Provider”: A new definition (Section 3(31A)) is inserted to bring Insolvency Professional Agencies (IPAs), Information Utilities (IUs), and other entities under the IBBI’s regulatory oversight.
• Section 5 (Interpretation):
  • “Avoidance Transaction” & “Fraudulent Trading”: Explicit definitions added (Sections 5(2A) and 5(9A)) to streamline legal proceedings against wrongful asset transfers.
  • “Resolution Plan” (Section 5(26)): Expanded to include the sale of one or more specific assets of the debtor, moving away from the requirement that a plan must always resolve the entire company as a “going concern.”

2. Initiation and Admission (Chapter II)

• Section 7 (Financial Creditor): Recast to mandate admission within 14 days if debt and default are proven via Information Utility records. It removes judicial discretion (addressing the Vidarbha Industries ruling), meaning the NCLT cannot reject admission based on “future profitability” if default is established.
• Section 10 (Corporate Applicant): Removes the right of the Corporate Debtor to propose their own Interim Resolution Professional (IRP) to prevent “backdoor entries” by former management.
• Section 12A (Withdrawal): Substituted to specify that withdrawal of an application is only permitted after the Committee of Creditors (CoC) is formed and before the first invitation for resolution plans, requiring 90% CoC approval.

3. Resolution Process Reforms (Chapter II)

• Section 14 (Moratorium): Expanded to explicitly cover the liquidation stage, preventing piecemeal litigation from stalling the sale of assets after liquidation begins.
• Section 28A (Guarantor Assets): A new section that allows for the transfer or sale of assets belonging to personal or corporate guarantors during the CIRP, provided the creditor has lawful possession and CoC approval.
• Section 31 (Approval of Plan): Introduces a two-stage approval process where the NCLT can approve the resolution plan separately from the distribution mechanism to speed up business revival.
  • Section 31(5) & (6): Codifies the “Clean Slate” principle, ensuring that all prior claims (except those in the plan) are extinguished and that licenses/permits cannot be terminated post-approval.

4. Liquidation Process (Chapter III)

• Section 33 (Initiation of Liquidation): Adds Section 33(1A), allowing a one-time restoration of CIRP (for up to 120 days) even after a liquidation order is sought, if the CoC believes a viable plan has emerged.
• Sections 34 & 34A: Restructured to mandate that the Resolution Professional and the Liquidator cannot be the same person to ensure independence.
• Sections 38 to 42: These sections regarding the “Proof of Claims” have been largely omitted or restructured to give the CoC more oversight over the liquidator’s actions.

5. New Frameworks (New Chapters)

• Chapter IV-A (Sections 58A–58K): Introduces the Creditor-Initiated Insolvency Resolution Process (CIIRP). This allows notified financial institutions to initiate a faster, out-of-court resolution process where management stays with the debtor (debtor-in-possession).
• Chapter V-A (Section 59A): Establishes the foundation for Group Insolvency, allowing for the coordinated resolution of multiple interconnected companies within the same corporate group.

6. Institutional & Penal Provisions

• Sections 64A, 67B, 67C: New penalty clauses to punish frivolous or vexatious litigation and the suppression of material facts.
• Section 240B & 240C: Mandatory establishment of an Electronic Insolvency Portal for all filings and the creation of a statutory framework for Cross-Border Insolvency.
• Section 242 (Amendment): Grants the Central Government a 5-year window to issue orders to remove any “implementation difficulties” arising from this 2026 Amendment.

Clause-wise Summary of Amendments to the Principal Act

Clause	Section Amended	Nature of Amendment
Cl. 2 → S. 3	Section 3 (Definitions)	Inserts definition of ‘registered valuer’ [cl.27A]; clarifies ‘security interest’ exists only by act of two or more parties, not by operation of law [cl.31 Explanation]; inserts definition of ‘service provider’ [cl.31A].
Cl. 3 → S. 5	Section 5 (Definitions – CIRP)	Inserts ‘avoidance transaction’ [cl.2A]; inserts ‘fraudulent or wrongful trading’ [cl.9A]; clarifies ‘insolvency commencement date’ where multiple applications are pending [cl.11 proviso]; expands ‘resolution plan’ to include asset sale by multiple applicants [cl.26]; clarifies ‘voting share’ to mean votes of CoC members eligible to vote [cl.28].
Cl. 4 → S. 7	Section 7 (Financial Creditor Application)	Omits existing proviso to sub-s.(4); substitutes sub-s.(5) to require AA to admit/reject within 14 days, with 7-day rectification notice before rejection; adds Explanation I (no other grounds to reject if requirements met) and Explanation II (IU record of default sufficient to ascertain default).
Cl. 5 → S. 9	Section 9 (Operational Creditor Application)	Substitutes ‘prescribed’ with ‘specified’ in sub-s.(3)(e); inserts second proviso to sub-s.(5) requiring AA to record reasons if order not passed within 14 days.
Cl. 6 → S. 10	Section 10 (Corporate Debtor Application)	Amends sub-s.(3)(a) to add ‘any other information as may be specified’; omits sub-s.(3)(b); omits references to disciplinary proceedings in sub-s.(4)(a) and (b); inserts proviso requiring AA to record reasons if order not passed within 14 days.
Cl. 7 → S. 11	Section 11 (Persons Not Entitled to Make Application)	Extends bar on making applications to persons undergoing proceedings under new Chapter IV-A (Creditor-Initiated Insolvency Resolution Process).
Cl. 8 → S. 12A	Section 12A (Withdrawal of Application)	Substitutes entire section; prohibits withdrawal before CoC constitution or after first invitation for resolution plans; mandates AA to pass order within 30 days of withdrawal application.
Cl. 9 → S. 14	Section 14 (Moratorium)	Amends sub-s.(1) to add reference to new sub-s.(2A); inserts Explanation to sub-s.(3)(b) clarifying moratorium applies when surety initiates action against corporate debtor.
Cl. 10 → S. 16	Section 16 (Appointment of IRP)	Substitutes sub-s.(2): IRP to be appointed from application if no disciplinary proceedings pending; inserts sub-s.(3A): for S.10 applications, AA to refer to IBBI for IRP recommendation; amends sub-s.(4) accordingly.
Cl. 11 → S. 18	Section 18 (Duties of IRP)	Adds ‘in such manner as may be specified’ to claim collection in cl.(b); inserts Explanation clarifying IRP must verify claims and determine value of verified claims.
Cl. 12 → S. 19	Section 19 (Cooperation with IRP)	Substitutes marginal heading ‘Personnel’ with ‘Persons’; expands sub-s.(1) duty to any person associated with management or engaged in contract for service; extends duty in sub-s.(2) and (3) to all such persons; inserts Explanation clarifying references to IRP include RP.
Cl. 13 → S. 21	Section 21 (Committee of Creditors)	Inserts sub-s.(11): CoC constituted under Chapter II shall also supervise liquidation process; IBBI may allow other creditor classes to attend but not vote; Explanation clarifies applicability to ongoing and new liquidation processes.
Cl. 14 → S. 22	Section 22 (Appointment of RP by CoC)	In sub-s.(3)(a): resolution professional deemed appointed from date of resolution; decision to be communicated to IRP, corporate debtor, and IBBI (not AA).
Cl. 15 → S. 25	Section 25 (Duties of RP)	Substitutes cl.(j) of sub-s.(2): RP to file application for avoidance transaction or fraudulent/wrongful trading (replacing earlier formulation).
Cl. 16 → S. 26	Section 26 (Application Not to Affect Processes)	Substitutes entire section: filing application for avoidance transaction, wrongful trading, or under S.47 shall not affect CIRP or liquidation; Explanation clarifies completion of CIRP/liquidation does not affect continuation of such proceedings.
Cl. 17 → S. 28A (new)	New Section 28A (Transfer of Guarantor Assets)	Permits creditor in possession of guarantor’s asset (personal/corporate) to transfer it as part of CIRP with CoC approval; special rules for corporate guarantor in CIRP/liquidation (66% CoC vote) and personal guarantor in insolvency/bankruptcy (>75% creditor approval); proceeds adjusted against guarantor’s debt; surplus to guarantor.
Cl. 18 → S. 30	Section 30 (Submission of Resolution Plan)	Omits dissenters’ payment proviso from cl.(b); inserts new cl.(ba) prescribing minimum payment for dissenting financial creditors (lower of liquidation value or proportionate distribution); substitutes cl.(d) to include implementation committee with RP/IP, creditor representatives, and resolution applicant; CoC approval under sub-s.(4) to record reasons. Explanation II: amended sub-s.(2) not applicable to CIRPs where CoC approved plan, AA passed liquidation order, or CoC approved liquidation before commencement.
Cl. 19 → S. 31	Section 31 (Approval of Resolution Plan by AA)	Inserts second proviso to sub-s.(1): AA may first approve implementation, then distribution within 30 days; inserts proviso to sub-s.(2): AA to give notice to CoC to rectify defects before rejection; inserts sub-s.(2A): AA to pass order within 30 days, record reasons for delay; amends sub-s.(4) proviso; inserts sub-s.(5): regulatory licences/approvals not to be suspended if debtor or resolution applicant complies with obligations; inserts sub-s.(6): prior claims extinguished on plan approval, no proceedings on such claims. Explanation III: sub-ss.(5) and (6) apply retrospectively from Code commencement except matters attained finality.
Cl. 20 → S. 33	Section 33 (Initiation of Liquidation)	Omits fast-track reference from sub-s.(1)(a); adds moratorium [sub-cl.(iv)] and liquidation order [sub-cl.(v)] to liquidation order clauses; inserts sub-s.(1A): CoC (66% vote) may apply to restore CIRP before liquidation order — AA may restore for up to 120 days; inserts sub-s.(1B): CIRP restoration allowed only once; allows ‘dissolution’ in addition to liquidation in sub-s.(2); inserts sub-s.(2A): AA to pass liquidation order within 30 days; amends sub-ss.(3), (4), (6) accordingly; omits sub-s.(5).
Cl. 21 → S. 34	Section 34 (Appointment of Liquidator)	Sub-s.(1): AA to refer to IBBI for liquidator recommendation; substitutes sub-ss.(3)-(6): cooperation duty extended to all associated persons; RP for CIRP cannot be appointed as liquidator; RP to forward records to liquidator; IBBI to propose name within 10 days; omits ‘by an order’ in sub-s.(7).
Cl. 22 → S. 34A (new)	New Section 34A (Replacement of Liquidator by CoC)	CoC (66% vote) may replace liquidator; application to AA; AA to appoint new liquidator if no disciplinary proceedings pending.
Cl. 23 → S. 35	Section 35 (Powers and Duties of Liquidator)	Sub-s.(1)(a): liquidator to maintain updated claims list; cl.(j): ‘invite and’ omitted; cl.(l): extended to avoidance transactions and fraudulent/wrongful trading; Explanation: amended cls.(a) and (j) and Ss.38-42 not applicable to liquidations initiated before commencement; sub-s.(2): CoC to supervise liquidation process.
Cl. 24 → S. 36	Section 36 (Liquidation Estate)	Cl.(f) of sub-s.(3): extends proceedings included in liquidation estate to avoidance transactions, fraudulent/wrongful trading, and S.47 proceedings.
Cl. 25	Sections 38–42 (Proof of Claims in Liquidation)	Sections 38, 39, 40, 41 and 42 omitted entirely.
Cl. 26 → S. 43	Section 43 (Preferential Transactions)	Amends sub-s.(4)(a) and (b): look-back period now runs ‘from initiation date’ to ‘insolvency commencement date’ (instead of a fixed period before insolvency commencement date).
Cl. 27 → S. 46	Section 46 (Undervalued Transactions)	Marginal heading changed to ‘undervalued’; sub-s.(1) amended; look-back period runs from ‘initiation date’ to ‘insolvency commencement date’ in both clauses (i) and (ii).
Cl. 28 → S. 47 (substituted)	Section 47 (Application by Creditors/Members)	Substitutes entire section: creditors, members, or partners may apply to AA if liquidator/RP has not reported preferential, undervalued, extortionate credit, or fraudulent/wrongful trading; AA to pass avoidance order; if sufficient info existed and RP/liquidator failed to report, AA to direct IBBI to initiate disciplinary proceedings.
Cl. 29 → S. 49	Section 49 (Extortionate Credit Transactions)	Proviso to S.49 amended to include related parties of corporate debtor.
Cl. 30 → S. 50	Section 50 (Extortionate Credit Transactions — Period)	Look-back period for extortionate credit transactions runs from 2 years before initiation date to insolvency commencement date.
Cl. 31 → S. 52	Section 52 (Secured Creditors in Liquidation)	Sub-s.(2): secured creditor must notify liquidator of security interest and identify asset within 14 days of liquidation commencement or it is deemed relinquished; where multiple secured creditors have interest in same asset, 66% by value must agree to realisation; sub-s.(8): deduction of IRPC, liquidation costs, and workmen dues from realisation proceeds before transfer to liquidation estate; Explanation: amended sub-s.(2) not applicable to liquidations initiated before commencement.
Cl. 32 → S. 53	Section 53 (Distribution of Assets)	Explanation to cl.(b)(ii): secured creditor relinquishing partial security treated as secured to extent of security value and unsecured for remainder; Explanation to cl.(e)(i): government dues due for 2 years preceding liquidation commencement (whether or not secured by operation of law) distributed under cl.(e), remaining under cl.(f); Illustration I and II added to sub-s.(2).
Cl. 33 → S. 54	Section 54 (Dissolution of Corporate Debtor)	Sub-s.(1): liquidator to apply for dissolution within 180 days (extendable by 90 days); inserts sub-s.(1A): CoC to determine manner of pursuing avoidance/wrongful trading proceedings and distribution; inserts sub-s.(1B): CoC to make arrangements for suits/proceedings pending at dissolution; inserts sub-s.(2A): AA may dissolve corporate debtor on CoC decision under S.33(2); inserts sub-s.(2B): dissolution order does not affect pending proceedings; inserts sub-s.(4): AA to pass dissolution order within 30 days, record reasons for delay.
Cl. 34 → S. 54A	Section 54A (PIRP Eligibility)	Expands ineligibility for PIRP to include creditor-initiated insolvency resolution process (CIRP-CI); reduces threshold for financial creditors’ approval from 66% to 51% in sub-ss.(2)(e) and (3).
Cl. 35 → S. 54C	Section 54C (PIRP Application)	Substitutes sub-s.(3): corporate applicant to furnish information as may be specified.
Cl. 36 → S. 54F	Section 54F (Management During PIRP)	Substitutes sub-s.(5): extends cooperation duty to all associated persons; sub-ss.(2) and (3) of S.19 apply mutatis mutandis.
Cl. 37 → S. 54L	Section 54L (Approval of Resolution Plan – PIRP)	Sub-s.(2): references to sub-ss.(5) and (6) of S.31 added; inserts proviso allowing CoC notice to rectify defects before rejection; sub-s.(4)(b): updated cross-references to liquidation order sub-clauses.
Cl. 38 → S. 54N	Section 54N (Liquidation in PIRP)	Sub-s.(4)(a): updated cross-references to liquidation order sub-clauses.
Cl. 39	Chapter IV of Part II (Fast-Track CIRP)	Chapter IV (Fast-Track Corporate Insolvency Resolution Process) omitted entirely.
Cl. 40 → Ch. IV-A (new)	New Chapter IV-A (Creditor-Initiated Insolvency Resolution Process – CIRP-CI)	Inserts new Ss.58A–58K. S.58A: eligible corporate debtors notified by CG. S.58B: financial institution creditor may initiate without NCLT admission — 51% creditor approval, 30-day notice to debtor, RP appointment, public announcement. S.58C: debtor may object to AA within 30 days; AA may void process or convert to CIRP. S.58D: 150-day timeline, extendable once by 45 days. S.58E: RP duties — claims, information memorandum, report, avoidance applications. S.58F: management remains with debtor’s board; RP may attend and reject resolutions; personnel to cooperate. S.58G: RP may apply for moratorium with CoC/creditor approval. S.58H: AA to convert CIRP-CI to CIRP if no plan received, debtor non-cooperation, or plan rejected. S.58-I: withdrawal with 90% CoC vote allowed before CIRP phase, not after first invitation for plans. S.58J: approved plan submitted to AA; S.31 applies mutatis mutandis. S.58K: application of Ss.21, 24–28A, 29, 32–32A, 43–51 and Chapters VI–VII mutatis mutandis.
Cl. 41 → S. 59	Section 59 (Voluntary Liquidation)	Sub-s.(2): completion period not to exceed one year; sub-s.(4): ‘notify’ replaced with ‘inform’; inserts sub-ss.(5A)–(5C): voluntary liquidation may be terminated by special resolution of members + 2/3 creditor approval within 7 days; liquidator to intimate IBBI and RoC; sub-s.(6): Cl.(b) of S.18 of Chapter II to apply.
Cl. 42 → Ch. VA (new)	New Chapter VA (Group Insolvency)	Inserts new S.59A: CG may prescribe rules for coordination of insolvency proceedings of corporate debtors forming a group — including common bench, common IP, combined CoC, coordination agreements, and cost treatment. Rules subject to parliamentary approval. Defines ‘group’, ‘control’, ‘significant ownership’ (26%+), and ‘insolvency proceedings’.
Cl. 43 → S. 61	Section 61 (Appeals to NCLAT)	Inserts sub-s.(6): NCLAT to dispose of appeals within three months of receipt.
Cl. 44 → S. 64A (new)	New Section 64A (Penalty for Frivolous Proceedings – Part II)	AA may impose penalty of ₹1 lakh to ₹2 crore on any person initiating frivolous or vexatious proceedings under Part II.
Cl. 45 → S. 65	Section 65 (Fraudulent or Malicious Initiation)	Extends fraudulent/malicious initiation provisions to creditor-initiated insolvency resolution process in sub-s.(3).
Cl. 46 → S. 66	Section 66 (Fraudulent or Wrongful Trading)	Marginal heading amended; sub-s.(1): application by resolution professional or liquidator; sub-s.(2): liquidator may also apply for wrongful trading during liquidation.
Cl. 47 → S. 67A	Section 67A (Transactions Before PIRP/CIRP-CI)	Marginal heading and text amended to cover creditor-initiated insolvency commencement date in addition to PIRP commencement date.
Cl. 48 → Ss. 67B–67C (new)	New Sections 67B and 67C	S.67B: AA may impose ₹1L–₹2Cr penalty for moratorium violations; ₹1L–₹1Cr or 20% of distribution (higher) for resolution plan violations. S.67C: AA may impose ₹1L–₹2Cr penalty on operational creditor who conceals dispute or payment in S.9 application.
Cl. 49	Section 74 (Punishment for Contraventions)	Section 74 omitted.
Cl. 50	Section 76 (Punishment for Non-Disclosure by Operational Creditor)	Section 76 omitted.
Cl. 51 → S. 96	Section 96 (Interim Moratorium – Individuals)	Inserts sub-s.(4): interim moratorium under this section not applicable where application filed for initiating insolvency resolution process in respect of a personal guarantor to a corporate debtor.
Cl. 52 → S. 99	Section 99 (Repayment Plan – Individuals)	Sub-s.(1): period for RP to examine repayment plan extended from 10 to 21 days; sub-s.(10): report to be submitted to ‘debtor and the creditor’ (joint, not alternative).
Cl. 53 → S. 106	Section 106 (Meeting of Creditors – Individuals)	Inserts sub-s.(1A): if no repayment plan submitted, RP to report to AA and AA to terminate insolvency process, enabling debtor/creditors to file for bankruptcy; inserts sub-s.(3A): for personal guarantors, RP to summon creditor meeting by written notice specifying date, time and place; amends sub-s.(4) accordingly.
Cl. 54 → S. 121	Section 121 (Bankruptcy Application after IRP Failure)	Inserts cl.(d) to sub-s.(1): bankruptcy application permissible where AA passes order under new S.106(1A).
Cl. 55 → S. 124	Section 124 (Interim Moratorium – Bankruptcy)	Inserts sub-s.(4): interim moratorium not applicable where application filed for initiating bankruptcy process in respect of a personal guarantor to a corporate debtor.
Cl. 56 → S. 164A (new)	New Section 164A (Transactions Defrauding Creditors)	Where debtor deliberately entered into undervalued transaction to keep assets beyond reach of claimants or to adversely affect creditors, AA to restore original position and protect victims. Exemption for bona fide purchasers for value without notice.
Cl. 57 → S. 178	Section 178 (Bankruptcy Estate Distribution)	Inserts Explanation to cl.(d) of sub-s.(1): government dues for 2 years before bankruptcy commencement date (whether secured by operation of law or otherwise) distributed under cl.(d); remaining dues under cl.(e).
Cl. 58 → S. 183A (new)	New Section 183A (Penalty for Frivolous Proceedings – Part III)	AA may impose penalty of ₹1 lakh to ₹2 crore for frivolous or vexatious proceedings under Part III (individuals/partnerships).
Cl. 59 → S. 196	Section 196 (Powers and Functions of IBBI)	Replaces references to ‘insolvency professional agencies, insolvency professionals and information utilities’ with ‘service providers’ throughout; Explanation to cl.(c) clarifies fee levy includes process-related fees; inserts cl.(sa): IBBI may specify standards of conduct for CoC and its members including decision timelines; amends cl.(t) wording.
Cl. 60 → S. 208	Section 208 (Functions of IP)	Inserts cl.(cb): insolvency professionals to perform functions in creditor-initiated insolvency resolution process under new Chapter IV-A.
Cl. 61 → S. 214	Section 214 (Information Utility Obligations)	Cl.(e): information to be submitted ‘in such manner as may be specified’ added.
Cl. 62 → S. 215	Section 215 (Submission of Financial Information to IU)	Marginal heading updated; sub-s.(3): operational creditor shall file information with IU before filing S.9 application; inserts sub-s.(4): corporate debtor/debtor to authenticate submitted information within specified period; non-response within specified period deemed authentication.
Cl. 63 → S. 217	Section 217 (Complaints Against Service Providers)	Marginal heading updated; ‘insolvency professional agency/IP/information utility’ replaced by ‘service provider’ throughout.
Cl. 64 → S. 218	Section 218 (Investigation of Service Providers)	Marginal heading updated; references to individual service provider categories replaced by ‘service provider’ throughout.
Cl. 65 → S. 219 (substituted)	Section 219 (Show Cause Notice)	Substitutes section: IBBI, upon prima facie opinion of sufficient cause after inspection/investigation or on record, may issue show cause notice to service provider in specified manner.
Cl. 66 → S. 220	Section 220 (Disciplinary Proceedings)	Sub-s.(1): IBBI to constitute one or more disciplinary committees from Chairperson, whole-time members, or officers not below Executive Director rank; inserts sub-s.(1A): show cause notice to be referred to disciplinary committee; sub-s.(2): disciplinary committee to impose penalty, suspend/cancel registration, or direct disgorgement; sub-s.(3): penalty increased to up to ₹2 crore; sub-ss.(4) and (5): ‘Board’ replaced by ‘disciplinary committee’; inserts sub-ss.(7) and (8): appeals to NCLAT within 30 days, extendable by 15 days for sufficient cause.
Cl. 67 → S. 224	Section 224 (Insolvency and Bankruptcy Fund)	Sub-s.(2): adds cl.(e) — other prescribed sources; substitutes sub-s.(3): fund utilisation by contributing persons for payments to workmen, asset protection, incidental costs; other prescribed purposes.
Cl. 68 → S. 235A (substituted)	Section 235A (Power to Impose Penalties)	Substitutes section: AA may impose penalty on application by IBBI/CG — not less than ₹1 lakh per day, up to 3x loss/unlawful gain (higher); cap of ₹5 crore where not quantifiable; AA may impose lower penalty for reasons in writing. Explanation II: omission of Ss.74 and 76 not to affect pending prosecutions or punishments imposed before commencement.
Cl. 69 → S. 239	Section 239 (Power to Make Rules)	Adds rule-making powers for CIRP-CI conditions [cl.ff], fee for S.58C objection [cl.fg], group insolvency conditions [cl.fh], IB Fund sources [cl.zi], fund utilisation purposes [cls.zia, zib], and cross-border insolvency [cl.zma]; ‘provisions’ corrected to ‘purposes’.
Cl. 70 → S. 240	Section 240 (Power to Make Regulations)	Extensive additions: regulation-making powers for S.5 Explanation [cl.eb], S.9 other information [cl.fa], S.10 documents [cl.h], S.12A withdrawal manner [cl.ha], S.21(11) creditor classes [cl.oa], S.28A manner [cl.ta], dissenting FC payment [cl.w amended], S.31 implementation-first approval [cl.wb], CIRP restoration [cl.wc], dissolution conditions [cl.wd], liquidator consent form [cl.x], liquidator fees [cl.xa], S.34A consent [cl.xb], claims list maintenance [cl.y], CoC supervision of liquidation [cl.z]; omits cls.(ze), (zf), (zg); adds CIRP-CI regulations [cls.zla–zll], voluntary liquidation conditions [cls.zma, zmb], and IU submission manner [cls.zzsa, zzwa, zzza]; various other drafting corrections.
Cl. 71 → Ss. 240B–240C (new)	New Sections 240B and 240C	S.240B: CG may provide electronic portal for IBC processes. S.240C: CG may prescribe rules for cross-border insolvency proceedings — recognition of foreign proceedings, relief, judicial cooperation, for notified countries/territories; rules may modify Code/Companies Act provisions; draft rules subject to parliamentary approval.
Cl. 72 → S. 242	Section 242 (Power to Remove Difficulties)	Inserts sub-s.(1A): CG may by order remove difficulties in giving effect to amendments by this Act; such power to expire 5 years from commencement of the Amendment Act.

Note: The Act shall come into force on such date(s) as the Central Government may appoint by notification in the Official Gazette. Different dates may be appointed for different provisions.

Also See: IBC Act