- Amendments in the Insolvency and Bankruptcy Code
The Hon’ble President of India has given assent towards the Insolvency and Bankruptcy Code (Amendment) Act, 2016 with the objective of improving the insolvency framework and maintaining the interests of the parties involved which include creditors, corporate debtors and various stakeholders. The key highlights of the amendment act are as follows:
· Reinforcement of Time-Bound Insolvency Resolution (Sections 7, 9 &10)
The amendments mandate strict timelines for admission or rejection of insolvency applications under Sections 7, 9 and 10 of the Code, while requiring the Adjudicating Authority to record reasons for any delay.
· Expanded Powers of the Committee of Creditors (Sections 21, 34A & 35)
The Committee of Creditors (CoC) has been granted an enhanced supervisory role during liquidation proceedings, including the power to replace the liquidator and oversee liquidation-related processes.
· Introduction of Creditor-Initiated and Group Insolvency Frameworks (Chapter IV-A & Chapter VA)
Newly inserted Chapter IV-A (Sections 58A–58K) introduces the Creditor-Initiated Insolvency Resolution Process, while Chapter VA lays the foundation for a statutory group insolvency framework.
· Strengthening of Avoidance and Resolution Mechanisms (Sections 47,31&54)
Amendments clarify that avoidance proceedings relating to fraudulent transactions and wrongful trading shall continue independently of CIRP or liquidation timelines. Further, approval of a resolution plan under Section 31 extinguishes prior claims against the corporate debtor.
· Modernisation of the Insolvency Regime (Sections 240B, 240C & 183A)
The amendments introduce an electronic insolvency platform, enable a framework for cross-border insolvency proceedings, and strengthen enforcement through monetary penalties for frivolous proceedings and non-compliance.
2. Promotion And Regulation of Online Gaming Rules, 2026 have been notified by the Ministry of Electronics and Information Technology (MEITY) along with Enforcement of the Act from 1st May 2026.
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