The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated on December 28, 2019.  The Ordinance amends the Insolvency and Bankruptcy Code, 2016.  Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.  The Code provides a time-bound process for resolving insolvency.   
Minimum threshold for initiating the resolution process: Under the Code, a financial creditor (either by itself or jointly with other financial creditors) may file an application before the National Company Law Tribunal (NCLT) for initiating the insolvency resolution process.  The Ordinance amends this to provide minimum thresholds for certain classes of financial creditors for initiating the insolvency resolution process.  In case of real estate projects, if an allottee (person to whom a plot, apartment, or building has been allotted or sold) wants to initiate the resolution process, the application should be filed jointly by at least 100 allottees of the same real estate project, or 10% of the total allottees under that project, whichever is less.
For other financial creditors, where the debt owed is either: (i) in the form of securities or deposits, or (ii) to a class of creditors, the application should be filed jointly by at least 100 creditors in the same class, or 10% of the total number of such creditors in the same class, whichever is less.