The Way Forward for Personal Insolvency in the Indian Insolvency and Bankruptcy Code

29 Pages Posted: 12 Jan 2019

See all articles by Renuka Sane

Renuka Sane

National Institute of Public Finance and Policy

Date Written: January 3, 2019

Abstract

In 2016, the Indian Parliament passed the Insolvency and Bankruptcy Code (IBC). The Government has chosen to notify only the part on corporate insolvency. It is expected that the part on personal insolvency will be notified for individuals with business debt and personal guarantors. In this context, this paper describes the Indian credit market and presents an argument for the need for personal insolvency law. It provides a brief overview of the provisions on personal insolvency in the IBC. It makes suggestions on questions of policy that need to be addressed before the law can be meaningfully implemented as the success of the IBC depends on the design of the subordinate legislation as well as the evolution of the institutional infrastructure.

Keywords: consumer bankruptcy, bankruptcy, development, consumer finance, finance, India

JEL Classification: D11, G21, G28, G33, O00, O16

Suggested Citation

Sane, Renuka, The Way Forward for Personal Insolvency in the Indian Insolvency and Bankruptcy Code (January 3, 2019). Available at SSRN: https://ssrn.com/abstract=3309470 or http://dx.doi.org/10.2139/ssrn.3309470

Renuka Sane (Contact Author)

National Institute of Public Finance and Policy ( email )

18/2, Satsang Vihar Marg
New Delhi, 110067
India

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