(1) A debtor, who is unable to pay his debt and fulfils the conditions specified in sub-section (2) , shall be entitled to make an application for a fresh start for discharge of his qualifying debt under this Chapter.
(2) A debtor may apply, either personally or through a resolution professional, for a fresh start under this Chapter in respect of his qualifying debts to the Adjudicating Authority if -
(a) the gross annual income of the debtor does not exceed sixty thousand rupees;
(b) the aggregate value of the assets of the debtor does not exceed twenty thousand rupees;
(c) the aggregate value of the qualifying debts does not exceed thirty-five thousand rupees;
(d) he is not an undischarged bankrupt;
(e) he does not own a dwelling unit, irrespective of whether it is encumbered or not;
(f) a fresh start process, insolvency resolution process or bankruptcy process is not subsisting against him; and
(g) 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.
Insolvency and Bankruptcy Code 2016
PART III INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
CHAPTER I PRELIMINARY
CHAPTER II FRESH START PROCESS
Section 80 Eligibility for making an application
Section 81 Application for fresh start order
Section 82 Appointment of resolution professional
Section 83 Examination of application by resolution professional
Section 84 Admission or rejection of application by Adjudicating Authority
Section 85 Effect of admission of application
Section 86 Objections by creditor and their examination by resolution professional
Section 87 Application against decision of resolution professional
Section 88 General duties of debtor