HOUSEHOLD DEBT AND THE PRESENT INSOLVENCY LAW REGIME
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Abstract
Personal bankruptcy laws protect a fraction of an individual's assets from seizure by unsecured creditors in case of default. An increase in the level of bankruptcy protection diminishes the collateral value of assets, and can therefore reduce borrowers' access to credit.i In the month of May 2016, India adopted a regime for personal insolvencies and bankruptcies as part of a comprehensive new Insolvency and Bankruptcy Code. The Code’s provisions for individual debtors have not yet gone into force, and the regulatory agency charged with implementing it has recently constituted an advisory committee, which has drafted some proposed regulations and rules and will presumably advise the agency on potential reforms. The advisory group’s project of review and counsel will inevitably spur more public discussion and debate about the purpose and function of personal insolvency and bankruptcy law in India. This paper aims to contribute to that discussion by describing India’s new personal insolvency and bankruptcy regime in some detail, with respect to household debt, debt recovery and insolvency.
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