Exploring The Interplay Between New Legislation In Insolvency And Bankruptcy Code And Extradition Laws: An Assessment Of Legal Jurisdictional And Procedural Challenges

Joel John Roy, School of Law, CHRIST (Deemed to be) University, Bangalore

ABSTRACT

This research paper explores the interplay between insolvency and extradition laws in the context of crossborder financial and legal matters. It identifies and analyzes the legal, jurisdictional, and procedural challenges arising when managing concurrent insolvency proceedings and extradition cases. The research also offers insights into potential avenues for harmonizing and enhancing the effectiveness of these legal mechanisms to ensure a more streamlined and fair resolution of cross-border legal and financial issues. The research begins by identifying the key legal challenges, which primarily stem from the inherent conflict between the objectives of insolvency and extradition laws. Insolvency laws are designed to expedite the resolution of financial issues, safeguard the interests of creditors and debtors, and ensure equitable distribution of assets, while extradition laws prioritize the extradition of individuals facing criminal charges to face trial and potential punishment for alleged offenses. The research then examines the Civil Procedure Code, 1908, which provides for the enforcement of foreign decrees and judgments, but fails to take into account insolvency proceedings related to reorganization and administrative orders. The research also highlights the shortcomings of Section 234 and Section 235 of the Insolvency and Bankruptcy Code, 2016, which govern the coordination and cooperation between courts and authorities in different jurisdictions regarding insolvency proceedings. Overall, this research paper provides a valuable contribution to the understanding of the complex interplay between insolvency and extradition laws in the era of globalization. The research findings and recommendations can help policymakers, practitioners, and scholars to develop more effective strategies for managing cross-border legal and financial matters.

Keywords: Insolvency law, Extradition law, Cross-border financial and legal matters, Legal challenges, Jurisdictional challenges, Procedural challenges