All one needs to know about the eligibility criteria for iva

The iva was introduced by the Government in the year 1986 as part of the act relating to insolvency. The main intention was to avert bankruptcy proceedings as far as possible. It is planned in such a way that both the lender as well as the borrower gets some benefits by signing an individual voluntary arrangement. This is an agreement signed between the lender and the borrower, wherein it is agreed that the lender need to pay a certain amount for a period of five years as equal monthly payment. On completion of the said payment during the above period, the entire loan amount is treated as paid and the loan account as per the terms of the iva debt agreement. All the loan accounts of the borrower are closed accordingly and the borrower is free now.

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