Navya Ashok Shukla, Chanakya National Law University
ABSTRACT
Cross-border insolvency, as the name suggests, indicates a situation in which the insolvent debtor has assets in more than one jurisdiction or where some of the debtor's creditors are not from the jurisdiction in which the insolvency proceedings were filed. The Insolvency and Bankruptcy Code, 2016 states two provisions for the purpose of cross-border insolvency. The Insolvency Law Committee in 2018 suggested the incorporation of the Model Law (“Draft Provisions”) into the Code. This suggestion, if implemented would overhaul the current regime behind these proceedings. Through this article, the author aims to understand the legislation guiding the cross-border insolvency in India currently and the effect of Draft Provision of the Code.
