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The way forward for personal insolvency in the Indian Insolvency and Bankruptcy Code

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  • Sane, Renuka

    (National Institute of Public Finance and Policy)

Abstract

In 2016, the Indian Parliament passed the Insolvency and Bankruptcy Code (IBC). The Government has chosen to notify only the part on corporate insolvency. It is expected that the part on personal insolvency will be notified for individuals with business debt and personal guarantors. In this context, this paper describes the Indian credit market and presents an argument for the need for personal insolvency law. It provides a brief overview of the provisions on personal insolvency in the IBC. It makes suggestions on questions of policy that need to be addressed before the law can be meaningfully implemented as the success of the IBC depends on the design of the subordinate legislation as well as the evolution of the institutional infrastructure.

Suggested Citation

  • Sane, Renuka, 2019. "The way forward for personal insolvency in the Indian Insolvency and Bankruptcy Code," Working Papers 19/251, National Institute of Public Finance and Policy.
    • Handle: RePEc:npf:wpaper:19/251
    Note: Working Paper 251, 2019
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    References listed on IDEAS

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    1. Santosh Anagol & Shawn Cole & Shayak Sarkar, 2017. "Understanding the Advice of Commissions-Motivated Agents: Evidence from the Indian Life Insurance Market," The Review of Economics and Statistics, MIT Press, vol. 99(1), pages 1-15, March.
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    8. Monika Halan & Renuka Sane & Susan Thomas, 2014. "The case of the missing billions: estimating losses to customers due to mis-sold life insurance policies," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 17(4), pages 285-302, October.
    9. Kanz, Martin, 2012. "What does debt relief do for development ? evidence from India's bailout program for highly-indebted rural households," Policy Research Working Paper Series 6258, The World Bank.
    10. Monika Halan & Renuka Sane & Susan Thomas, 2014. "The case of the missing billions: estimating losses to customers due to mis-sold life insurance policies," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 17(4), pages 285-302, December.
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