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Chapter 11 - Insolvency Resolution Process for Individuals and Firms
Which Part of IBC 2016 deals with insolvency resolution for individuals and partnership firms?
Part III of IBC 2016 deals with insolvency resolution and bankruptcy for individuals and partnership firms.
What is the minimum debt threshold for initiating individual insolvency resolution under IBC 2016?
Not less than one thousand rupees (₹1,000).
What is the maximum gross annual income allowed for a debtor to be eligible for the Fresh Start Process under IBC 2016?
The gross annual income of the debtor must not exceed ₹60,000 to be eligible for the Fresh Start Process under Part III of IBC 2016.
Which authority acts as the Adjudicating Authority for individual insolvency under IBC 2016?
Debt Recovery Tribunal (DRT) with territorial jurisdiction.
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