New Delhi: The corporate affairs ministry has notified May 26 as the date for operationalising dozens of sections and clauses of the amended insolvency law, putting into effect timelines for adjudicating and appellate authorities for handling cases and the ‘clean slate’ provision for new buyers of bankrupt firms, among others.
The notification also brought into force the provision dealing with government dues, which would get lower priority than secured creditors, and a streamlined liquidation process.
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The Insolvency and Bankruptcy Code (Amendment) Act, 2026, was notified on April 6 after parliamentary clearance to the relevant bill and presidential assent….