Personal Insolvency - A Boon for the Lenders.

Insolvency is the state of financial distress where a person or entity is unable to pay off their debts or other obligations. Resolution of Corporate and Non-Corporate Insolvency has been standardized by the Insolvency and Bankruptcy Code, 2016.

“This Part shall apply to matters relating to a fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of the default is not less than one thousand rupees:

Provided that the Central Government may, by notification, specify the minimum amount of default of higher value, which shall not be more than one lakh rupees.”

Original source : https://www.resurgentindia.com/personal-insolvency-a-boon-for-lenders