Comment on the correctness of the following factual situations or statements referring applicable provisions of the IBC, 2016 and Regulations made thereunder: A debtor having income of ₹ 6,000 per month and asset base of
CS Professional · Insolvency and Bankruptcy - Law and Practice · PYQS · June 2025
Comment on the correctness of the following factual situations or statements referring applicable provisions of the IBC, 2016 and Regulations made thereunder: A debtor having income of ₹ 6,000 per month and asset base of ₹ 25,000 the debtor is embarrassed with huge debts, he wants to file an application for fresh start under the IBC, 2016.
Answer & Explanation:
Incorrect The debtor can't be allowed to file application for a fresh start under Section 80 under the Insolvency and Bankruptcy Code, 2016 as his / her income is beyond the limit of ₹ 60,000 p.a. and further his asset value is more than ₹ 20,000 at the time of application.
Topics: Fresh Start Process
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