<h1>Insolvency and Bankruptcy Code 2018: New Rules for Personal Guarantors, Eligibility Criteria, and Creditor Approval.</h1> The Insolvency and Bankruptcy Code (Amendment) Act, 2018, amends the 2016 Code, effective from November 23, 2017. Key changes include expanding the applicability to personal guarantors, partnership, and proprietorship firms. It redefines 'resolution applicant' and sets eligibility criteria for submitting resolution plans, excluding undischarged insolvents, willful defaulters, and others with specific disqualifications. The Act mandates creditor approval for resolution plans with a 75% voting share and prohibits liquidators from selling assets to ineligible applicants. It introduces penalties for unspecified violations and repeals the 2017 Ordinance, maintaining actions taken under it.