New Delhi: Personal insolvency cases under The Insolvency and Bankruptcy code 2016 will be handled by Debt Recovery Tribunals (DRTs). For an insolvency sum greater than Rs1,000, the cases will be moved out of civil courts to the special tribunals.
How has the personal insolvency scenario changed?
The Insolvency and Bankruptcy code 2016 completely overhauled the law, which governed corporate and individual insolvencies. In doing so, it amended personal insolvency laws, which are about 100 years old.
Earlier, individual bankruptcy and insolvency cases were governed by two lawsthe Presidency Towns Insolvency Act, 1909 (for the three erstwhile presidencies of Chennai, Kolkata and Mumbai) and the Provincial Insolvency Act 1920 (fo…
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