Rule 5 - Excluded assets - Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019

5. Excluded assets .― For the purposes of sub-section (14) of section 79,― (a) the value of unencumbered personal ornaments under clause (c) of the said sub-section shall not exceed one lakh rupees; (b) the value of unencumbered single dwelling unit owned by the debtor under clause (e) of the said sub-section shall not exceed,- (i) in the case of dwelling unit in an urban area, twenty lakh rupees; (ii) in the case of dwelling unit in rural area, ten lakh rupees. Explanation. - For the purposes of this rule,- (a) rural area shall have the same meaning as assigned to it in clause (o) of section 2 of the National Rural Employment Guarantee Act, 2005 (42 of 2005); (b) urban area means any area other than rural area.