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Insolvency law amendments redefine guarantors and related parties, tighten eligibility and creditor representation rules, and lower voting thresholds. The Bill amends the Code by redefining key terms (including corporate guarantor and related party), deeming allottee receipts as borrowings, and replacing 'repayment' with 'payment' throughout. It requires corporate applicants and proposed resolution professionals to furnish specified documents and consents, mandates an affidavit of eligibility with resolution plans, allows withdrawal of admitted applications with 90% creditor approval, introduces authorised representatives for financial creditor classes with duties and remuneration rules, lowers critical voting thresholds to 66%, provides MSME exemptions, applies the Limitation Act to proceedings under the Code, and inserts a schedule of Acts relevant to eligibility.