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of <h1>Amendment to Section 7: Non-creditors can now initiate insolvency proceedings for financial creditors. Broader scope, more flexibility.</h1> Section 7 of the Insolvency and Bankruptcy Code has been amended to allow not only financial creditors but also any other person on behalf of the financial creditor, as notified by the Central Government, to initiate insolvency proceedings. This amendment broadens the scope of who can act in the interest of financial creditors, enhancing the flexibility and inclusiveness of the insolvency process.
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