While a corporate entity may have creditors, debtors and assets in various countries, the Insolvency and Bankruptcy Code, 2016 (IBC), in its current avatar has no comprehensive legal framework on cross-border insolvency (CBI). The Ministry of Corporate Affairs on 20 June 2018 issued a public notice inviting comments on a draft chapter on CBI, which is primarily based on the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency, 1997.
Founder and managing partner
Aureus Law Partners
Currently, sections 234 and 235 of the IBC empower: (i) the government to make bilateral agreements with other countries for enforcing the IBC; and (ii) the National Company Law Tribunal (NCLT) to is…
Read the full article at: https://www.vantageasia.com/new-framework-proposed-cross-border-insolvency/