In July 2026 the board of Ganga Foods Ltd, after a special resolution of its shareholders, files an…

The 2026 amendment confined section 16(2) to applications by a financial creditor and inserted section 16(3A), under which, for an application under section 10, the Authority "shall make a reference to the Board for the recommendation of an insolvency professional". The Board must recommend a name within ten days under section 16(4). Before the amendment, the professional proposed in a section 10 application was appointed as IRP.