For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Waiver Likely For Those Who Cannot Repay Small Loans Up To Rs. 60000

|

As per a news report by a leading business daily, the Insolvency Law Committee under the premises of personal bankruptcy framework may announce debt waivers for low-income category who are not able to repay loans up to Rs. 60,000 similar to farmers as part of a debt relief scheme. Further, the report says that such a recommendation to the government may be made after Lok Sabha 2019 elections end.

Waiver Likely For Those Who Cannot Repay Small Loans Up To Rs. 60000
 

In the current framework, only corporate debtors confront IBC action but the individuals and partnerships are yet to be activated for insolvency resolution and bankruptcy as part of IBC. As per the IBC code 2016, part 3 of IBC deals with "fresh start, insolvency and bankruptcy of individuals and partnership firms where the amount of the default is not less than Rs 1000". And herein the government may come into play and may decide the minimum amount of default of higher value which should not exceed Rs. 1 lakh.

It will be in a bid to restart over again if due to some reason these small income group is not able to meet is debt up to Rs. 60,000. Nonetheless, if the income is over a certain limit plus your debt amount is over this threshold, you will not be qualifying for the waiver.

GoodReturns.in

Read more about: debt ibc elections
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more