If not, then the government will help to pay EMI Money

If not, then the government will help to pay EMI Money :

The government is going to prepare a process to declare individuals to be bankrupt, which will help them get out of this situation instead of trapping them in the chaos of economic crisis. This new rule provides easy guidance for those who can not pay the amount in time. They are not forced to give money to the bank. The main purpose behind this is to make the process more human, because the new rules will affect the farmers, middle class and other job classes which are often unable to pay the money due to loss of jobs.

The rule has been made 100 years ago for personal bankruptcy and indivijuls insolvency, but it has been used for the past several years. For the case of personal bankruptcy the bank seeks the recovery tribunals to recover the debt. For the case of personal bankruptcy, the bank seeks help from the recovery tribunal to recover the debt.

Last year, in the Parliament, under the Insolvency and Bankership Code (IBC) in IBC, only corporate sector and start-ups were given the opportunity to declare bankruptcy. But now the idea is to make rules for the provisions of this law by the company affairs ministry, the partnership firm and the individual can also be applied. It is being considered by the Working Group to make provision of counseling inevitable in this process.