In more than seven years, the Insolvency and Bankruptcy Code, 2016, remains inoperative for all natural persons, except the guarantors of corporate debt. This essentially leaves most individuals, proprietorships (which constitute the majority of Indian micro, small, & medium enterprises, and partnerships (which are not limited liability entities,) at the mercy of colonial legislations, which were products of the then political economy. As one may expect for a country of nearly 1.5 billion, demographic heterogeneity is inevitable. On one hand, there are individuals higher up in the economic pyramid who can endure or often instigate long drawn and arduous litigations to optimize their relief under any insolvency and bankruptcy (hereafter bankruptcy) regime. On the other hand, there are lowincome households and enterprises who may need additional protections under the bankruptcy regime. Thus, looking at the present status, of the personal insolvency matters, there is huge opportunity for performing extensive research which in turn will help strengthen India’s insolvency and bankruptcy framework for natural persons.

The first chair for personal insolvency to be established in India, and perhaps the only operational chair dedicated to insolvency in the country as on date. Date of establishment: 13th June, 2023.