The Insolvency and Bankruptcy Code 2016 was passed in order to to provide for legislation that directly deals with insolvency and bankruptcy and their status and position when it comes to partnership or handling a company. It states a stipulated time for which the disputes regarding insolvency can be solved and also the pecuniary jurisdiction of the court. It also established the Insolvency and Bankruptcy Board of India which could easily regulate a looks into the disputes of companies, firms etc. that are registered under it.

The following are the amendments that have been introduced in 2020:

1. The Section 5(12) had proviso which has now been omitted and the amendment has been made stating that the date of commencement of insolvency shall be the date on which the application for Sachin solvency has been filed under section 7, 9 or 10 of this code. It does not matter whether the corporate insolvency resolution process has been admitted by an adjudicating authority or not.
2. After the Breakout of covid-19 a new Ordinance was released which states that any defaults occurring cannot be blamed up on the breakout. Even when the ordinance recognises the impact of covid-19 it does not recognise that everything under this code now shall start falling under its spectrum.
3.  A ban has been imposed on filing of voluntary insolvency under section 10. Therefore a person cannot go ahead and start insolvency proceedings as mentioned in section 7, 9 and 10. 
4. Section 66(3) which deals with fraudulent and wrongful trading an exception of excusing the fraud due to lack of diligence has now become a hot topic for debate. This can lead to certain exemptions which are not lawful but might become Prima fix a lawful and the creditors might face certain consequences which are not required.
5.  During the exemption period, Souten defaults have been exempted by the way of this ordinance. However this can lead to a lot of issues as intentional defaults might be made and this can harm the creditors in the long run.
6. In section 11 it has been amended that 8 it a corporate debtor who is under insolvency can initiate corporate insolvency resolution process against its own corporator this helps the corporate debtors to recover their own dues start proceedings against the defaulter.
7. Section 16 has also been amended ware new clause stating that it in 13 resolution professional should be appointed right away when pain solvency is comment rather than appointing it after 14 days.