New Delhi, July 26 -- The Union cabinet on Wednesday, 17 July, cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors' priority right on the sale or liquidation proceeds of bankrupt companies. The eight amendments to the Insolvency and Bankruptcy Code (IBC) will also aid decision- making in the case of bankrupt entities such as property developers, which have a large number of creditors, including homebuyers. The amendments are aimed at speeding up the bankruptcy resolution process that has been mired in litigation and correcting anomalies that have crept into its functioning since the law came into force in 2...