Excluded assets caps limit ornaments and primary residence protection for personal guarantors in insolvency proceedings under rules. Rule 5 limits which personal assets of a guarantor are treated as excluded assets in insolvency proceedings by prescribing valuation ceilings: a cap applies to unencumbered personal ornaments and separate caps apply to a single unencumbered dwelling unit depending on whether it is in an urban area or a rural area, with 'rural area' defined by reference to the National Rural Employment Guarantee Act and 'urban area' meaning any area that is not rural.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Excluded assets caps limit ornaments and primary residence protection for personal guarantors in insolvency proceedings under rules.
Rule 5 limits which personal assets of a guarantor are treated as excluded assets in insolvency proceedings by prescribing valuation ceilings: a cap applies to unencumbered personal ornaments and separate caps apply to a single unencumbered dwelling unit depending on whether it is in an urban area or a rural area, with "rural area" defined by reference to the National Rural Employment Guarantee Act and "urban area" meaning any area that is not rural.
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