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Draft on cross-border insolvency resolution
June 26 , 2018
2156 days
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- The Ministry of Corporate Affairs has released a draft on cross-border insolvency in order to strengthen Insolvency and Bankruptcy Code (IBC).
- The existing IBC provisions (234&235) are not adequate to effectively deal with default cases of the domestic corporate debtor having assets and operations outside India.
- The draft on cross-border insolvency favors adoption of UNCITRAL (United Nations Commission on International Trade Laws) Model Law on Cross-Border Insolvency, 1997.
- Under it, central government after entering into an agreement with other countries may bring overseas asset of domestic corporate debtor into consideration of insolvency resolution in India.
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