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of <h1>Insolvency Code 2018 Amendment: New Voting Thresholds, Withdrawal Rules, and MSME Exemptions.</h1> The Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, was enacted to amend the Insolvency and Bankruptcy Code, 2016. Key changes include clarifications on terms such as 'corporate guarantor' and 'related party,' adjustments to voting thresholds from 75% to 66% for creditor decisions, and provisions for withdrawing insolvency applications with 90% creditor approval. The amendment also introduces Section 12A, allowing application withdrawal under certain conditions, and Section 240A, which exempts micro, small, and medium enterprises from specific provisions. The Act emphasizes the role of authorized representatives and outlines their rights and duties in creditor meetings.
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