NEW DELHI: The working group constituted by the Insolvency and Bankruptcy Board of India has laid out draft regulations for repayment plan for individuals and firms declaring insolvency, providing a framework for resolution of personal insolvency.
According to the draft regulations, the plan should include among other things the duration of repayment, implementation schedule and a minimum budget for the survival of the debtor and immediate family for the repayment period. The repayment plan must also specify the manner in which funds held for the purpose are to be banked, invested or otherwise dealt with, pending distribution to creditors, as per draft regulations put out for comments.
Where the amount claimed by a creditor is not pr…
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