Mr. P is unable to pay his debt and wants to apply under the Insolvency and Bankruptcy Code 2016 for a fresh start process. Advise him about his eligibility to apply for the fresh start the process in respect of his qual

The Insolvency and Bankruptcy Code, 2016 has provided separate insolvency resolution process for individuals and partnership firms. Part III provides for Insolvency Resolution Process for individuals and partnership firms. As per Section 80 of CHAPTER II Part III provides for Insolvency Resolution Process): A debtor, who is unable to pay his debt and fulfils the conditions specified in subsection (2), shall be entitled to make an application for a fresh start for discharge of his qualifying debt under this Chapter. A debtor may apply, either personally or through a Resolution Professional, for a fresh start, in respect of his qualifying debts to the Adjudicating Authority if - the gross annual income of the debtor does not exceed sixty thousand rupee, the aggregate value of the assets of the debtor does not exceed twenty thousand rupees; the aggregate value of the qualifying debts does not exceed thirty-five thousand rupees; he is not an undischarged bankrupt; he does not own a dwelling unit; irrespective of whether it is encumbered or not; a fresh start process, insolvency resolution process or bankruptcy process is not subsisting against him; and no previous fresh start order under this Chapter has been made in relation to him in the preceding twelve months of the date of the application for fresh start.