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of <h1>Insolvency Code Amendment 2018: Changes to Section 240 Impact Creditor Claims, Voting, and Representation Process.</h1> The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 modifies section 240 of the principal Act. It omits clause (g) from sub-section (2) and introduces new clauses. Clause (ja) specifies the deadline for claim submissions under section 15(1)(c). Clauses (na), (nb), and (nc) address the number of creditors within a class, remuneration for authorized representatives, and the voting process for financial debts under section 21, respectively. These changes aim to refine procedural aspects related to creditor claims and voting mechanisms within the insolvency process.
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