Clearly the cross-border insolvency law, consistent with the UNCITRAL Model with least intrusion into each countrys domestic insolvency laws, is imminently likely to be introduced as new law. The framework law for group insolvency and cross-border insolvency of group companies cannot be far behind, to tackle the realities of global insolvency. Personal insolvency, partnership insolvency, personal guarantor insolvency have several social complexities and the odium attached to a diwaliya will open a Pandoras box. But that has not precluded the governments desire to plug the gaping holes in the laws.
Shardul Shroff
The recognition of disputed tax claims mired in litigation from …
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