Section 63: Property to be set aside

1) Prior to effecting bankruptcy of the assets of a person pursuant to this Chapter, the following property shall be set aside, and the bankruptcy proceedings shall be carried out from the remaining assets:

(a) Any property that remains as the personal property of a person other than one who is likely to become a bankrupt,

(b) Clothes up to three pairs and shoes up to three pairs being worn or to be worn by the person who is likely to become bankrupt and an undivided family member of that person,

(c) One set of cooking and dining utensils, pots and cups, one set of bedding materials and a reasonable number of furniture required for the undivided family member of the person likely to become a bankrupt,

(d) Medicines and health-related equipment required for the person likely to become a bankrupt and the undivided family member of that person,

(e) Books necessary to carry out the study and teaching,

(f) Food necessary for subsistence for a period not exceeding three months to the persons referred to in clause (b),

(g) One set of tools or instruments related to the profession and employment of the persons referred to in clause (b).

2) Notwithstanding anything contained in clause (b), (c), (d), (e), (f) or (g) of sub-section (1), the total value of the properties referred to in these clauses shall not exceed one hundred thousand rupees.