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of <h1>2018 Amendment to Insolvency Code: New Affidavit Requirement, Voting Threshold Lowered to 66%, Clarifies Shareholder Approval.</h1> The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 amends section 30 of the principal Act. It requires a resolution plan to include an affidavit confirming eligibility under section 29A. The term 'repayment' is replaced with 'payment' in specific clauses. An explanation is added stating that necessary shareholder approvals under the Companies Act, 2013, or other laws for implementing a resolution plan are deemed granted. The voting threshold in sub-section (4) is reduced from seventy-five to sixty-six percent. The eligibility criteria in section 29A, as amended by the 2018 Ordinance, apply to resolution applicants without submitted plans by the ordinance's commencement date.
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