Laws providing for individual declaration of bankruptcy are currently state-specific, but have been seldom used because of the tedious process associated with it.“Individual bankruptcy is our next immediate priority. Any citizen will be able to use it. Unlike companies which have homogenous legal structure, individuals are not that homogenous. “When you start something new, it takes time for stakeholders to understand, particularly creditors who have to trigger the process.They need to have mechanism within the organisation before they trigger the process. It should pick up soon, now that the entire ecosystem and regulatory framework is in place," he said.

Source: Economic Times March 27, 2017 03:33 UTC