Personal insolvency
Regulation & taxThe part of India's insolvency code dealing with individuals, brought into force at the time of writing only for a narrow class — personal guarantors to corporate debtors — and not for ordinary borrowers.
In plain terms
No modern personal-bankruptcy discharge is available to an ordinary Indian borrower. Older insolvency legislation remains unrepealed but is slow and very rarely used. A live area of policy, and one to check rather than assume.