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adityasharma (cs)     26 June 2018

insolvency of real person

How does the insolvency of individual person done after commecment insolvency code 2016 ?? quite confused


Learning

 2 Replies

Vanshika Kapoor   24 July 2018

Hello Aditya,

Under the Insolvency and Bankrupcy Code, 2016:

For individuals and unlimited partnerships, the Code applies in all cases where the minimum default amount is INR 1000 (USD 15) and above (the Government may later revise the minimum amount of default to a higher threshold). The Code envisages two distinct processes in case of insolvencies: automatic fresh start and insolvency resolution.

Under the automatic fresh start process, eligible debtors (basis gross income) can apply to the Debt Recovery Tribunal (DRT) for discharge from certain debts not exceeding a specified threshold, allowing them to start afresh.

The insolvency resolution process consists of preparation of a repayment plan by the debtor, for approval of creditors. If approved, the DRT passes an order binding the debtor and creditors to the repayment plan. If the plan is rejected or fails, the debtor or creditors may apply for a bankruptcy order.

LAXMINARAYAN - Sr Advocate. ( solve problems in criminal cases. lawproblems@gmail.com)     24 July 2018

After a long time there is addition of people like commenting with provisions of law.

I have a problem for which we are contesting at various courts.

 

PROVISIONS OF D NOVO TRIALS IN CRIMINAL CASES.


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