In the 4 years of the enactment of the Insolvency and Bankruptcy Code 2016, the government has not only chosen to notify legislation relating to corporate insolvency but sure has come a long way in putting forward laws relating to individual insolvency and it is expected that more parts of personal insolvency will be notified in the near future making it the next big thing and drawing the focus away from corporate insolvency.

In this context the paper describes the Indian credit market and presents an argument for the need of personal insolvency law being more clear and transparent in nature. It also lays down the laws and legislation relating to personal insolvency and an overview of the process of insolvency and bankruptcy code involving fresh start process and the insolvency resolution process. The paper also draws back a line to the history and the evolution of insolvency infrastructure in India and the problems and the criticism faced in coming forward with a codified set of laws.