(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 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
to the person likely to become a bankrupt and the
undivided family member of that person,
(e) Books necessary to carry out study and teaching,
(f) Food necessary for subsistence for a period not
exceeding three months to the persons referred to
in clause (b),
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(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.