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In a previous blog post, we had stated that there exists no statutory regime for recognition of foreign insolvency judgments or proceedings in India. Hence, it remained unclear whether Indian courts would recognise and give effect to foreign insolvency interim orders or judgments.
In 2018, the Ministry of Corporate Affairs[1] recognised the need for a comprehensive legislation for cross-border insolvency and published a draft bill for public consultation. The Bill closely followed the UNCITRAL Model Law on Cross-Border Insolvency (but for some notable deviations including on reciprocity). Further, in 2020, a Cross Border Insolvency Rules/ Regulations Committee was formed to draft a report on implementation of a …
Read the full article at: https://corporate.cyrilamarchandblogs.com/2024/05/using-comity-in-insolvency-indian-courts-pivot/