With corporate insolvency completing two years, experts say its about time to notify personal insolvency law for individuals with business debt and personal guarantors.
Renuka Sane, associate professor, NIPFP, in a recent paper on the need and the way forward for a personal insolvency law noted that several facets of the policy need to be ironed out before the law can be meaningfully implemented. Such a move is essential as its success depends on the design of the subordinate legislation as well as the evolution of the institutional infrastructure.
The paper favours the rollout in a small subset of borrowers like businesses, or personal guarantors first, before becoming operational for all …
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