how to avail the new insolvency law

It is not uncommon for requests such as yours to be rejected by a bank's debt management department as they will have specific policies and criteria that must be met before debt restructuring is considered. Also, policies differ from bank to bank, so an agreement you make with one bank will not necessarily be replicated by another.
As an initial step, make an appointment to meet a senior manager in the bank, who is in a position to agree to restructure your loan. Check your bank’s website for names and email addresses of the senior management team and reach out to them if possible.
You should present the bank with a proposal that shows consolidation makes sense. I note that your wife is also contributing to the household, and therefore I presume also earning a salary. Your proposal should include your total household income and a realistic monthly payment schedule which is agreeable to the bank and both sustainable and achievable to you given your financial position. In general, banks always want to recover outstanding payments amicably and will assist customers with financial problems and help them make repayments.