Explain the concept of 'Qualifying Debt' and 'Excluded Debt' under The Insolvency and Bankruptcy Code, 2016.

Qualifying Debt means amount due, including interest or any other sum due in respect of the amounts owed under any contract, by the debtor. However, qualified debt does not include - an excluded debt; a secured debt; and any debt, which is incurred 3 months before the date of application for Fresh Start Process (Section 79(19) of the IBC). Excluded Debt means liability to pay fine/penalty imposed by a Court or Tribunal; liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation; liability to pay maintenance to any person under any law for the time being in force; liability in relation to a student loan; any other debt as may be prescribed (Section 79(15) of the IBC).