(1) A debtor who is an individual may apply, either personally or through a resolution professional, for a fresh start order in respect of his qualifying debts to the Adjudicating Authority.
(2) A debtor shall be eligible to apply under sub-section (1), if he—
- has a gross annual income of not exceeding sixty thousand rupees;
- does not own any assets the aggregate value of which exceeds twenty thousand rupees;
- does not own a dwelling unit, whether self-acquired or inherited;
- has qualifying debts not exceeding thirty-five thousand rupees;
- is not an undischarged bankrupt;
- has not been given a fresh start order in the preceding twelve months of the date of the application for a fresh start; and
- does not have a subsisting order of a moratorium under section 85.