(1) The Adjudicating Authority, in relation to insolvency resolution and bankruptcy of individuals and partnership firms, shall be the Debt Recovery Tribunal having jurisdiction over the place where the individual or the firm, as the case may be, actually and voluntarily resides or carries on business or personally works for gain.

(2) The Adjudicating Authority shall have jurisdiction to entertain or dispose of any suit or proceeding by or against the individual debtor, any claim made by or against the individual debtor, and any question of law or facts arising out of or in relation to insolvency resolution and bankruptcy of the individual debtor or firm under this Part.