The Insolvency and Bankruptcy Code (IBC), since its enactment, has undergone six legislative amendments aimed at strengthening the insolvency framework and enhancing procedural efficiency in line with evolving market dynamics. This information was provided by the Minister of State in the Ministry of Corporate Affairs, Harsh Malhotra, in response to an Unstarred Question in the Lok Sabha raised by Dr. Mallu Ravi on 28 July 2025.
The key amendments to the Code are as follows:
- First Amendment (2017): This introduced Section 29A to prohibit individuals with questionable antecedents from submitting resolution plans or taking over financially distressed companies.
- Second Amendment (2018): This amendment lowered the voting…