NEW DELHI: India is likely to tweak the Insolvency and Bankruptcy Code to create a mechanism to resolve cross-border insolvency cases using a reciprocal arrangement with other countries.
The 14-member high level committee reviewing the Insolvency and Bankruptcy Code (IBC) is likely to suggest that India take a cue from countries including the US, the UK, Australia and Singapore, and adopt a similar model law set by the United Nations (UN), a senior government official said.
Many companies are in the eye of the storm and have subsidiaries abroad, the official said. If we have cross-border insolvency and reciprocal arrangement with these countries, then these cases can be resolved easily, the official said, not wanting to be named.
The …
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