<h1>Cabinet Approves Insolvency and Bankruptcy Code Amendment to Enhance Resolution Process, Introduce Section 32A, Protect Debtors.</h1> The Union Cabinet, led by the Prime Minister, approved the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, to address challenges in the insolvency resolution process and enhance business operations. The amendments target sections 5, 7, 11, 14, 16, 21, 23, 29A, 227, 239, 240, and introduce section 32A. Key changes include streamlining the Corporate Insolvency Resolution Process (CIRP), ensuring business continuity during moratoriums, and protecting resolved corporate debtors from criminal proceedings related to previous management actions. These measures aim to boost investment in distressed sectors and prevent frivolous insolvency triggers by financial creditors.