Govt is drawing up rules for individuals to file for bankruptcy

Expert panel plans to exempt low-level defaulters from constituting a committee of creditors

Veena Mani  |  New Delhi 

The government is drawing up rules for individuals to file for bankruptcy.   An expert committee plans to exempt low level defaulters from constituting a committee of creditors.   “The individual will be planning the repayment plan as opposed to creditors who are allowed to work on a repayment plan in the case of corporate insolvency,” said a source.   The expert committee is also drawing up rules for bankrupt individuals who would like resolution.   It has recommended the minimum threshold for an individual to file for bankruptcy should be Rs 1 lakh. ...

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First Published: Tue, September 12 2017. 00:44 IST