Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 31-10-2018 – The Insolvency and Bankruptcy Code, 2016 (IBC Code) is still in a nascent stage in India which is frequently getting amended and fine tuned with learning and experiences. The law, regulation, procedures and practices are evolving continuously and Insolvency Resolution Professionals (IRPs) are also adding in numbers as well as settling down in this new area of professional practice. While the opportunities are galore, one needs to be diligent, prudent and cautious in handling corporate insolvency resolution processes. Government of India had on 16 November, 2017 appointed Insolvency Law Committee headed by Secretary of Ministry of Corporate Affairs (MCA) to sugge
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f such relief is against the public policy of the enacting country. It has the following underlying advantages: (i) Increasing foreign investment (ii) Flexibility amongst different insolvency laws (iii) Protection of domestic interest / public interest (iv) Preference to domestic proceedings (v) Mechanism for cooperation and coordination between courts, professionals etc. It has recommended application of cross-border insolvency provisions to corporate debtors to start with and based on the experience gained, it could be extended to individual insolvency in due course of time. Similar approach has been followed in Singapore and some other countries. The proposed law on CBI is likely to be framed as under: Chapter Section Provision 1 1 -6 Ge
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have an interest in requesting the commencement of, or participation in, a proceeding under this Code. It is expected that incorporation of cross-border insolvency provisions as recommended by the Committee, will create an internationally aligned and comprehensive insolvency framework for corporate debtors under the Code, which is most essential in a globalised environment. The model to be adopted (UNCITRAL Model) will provide a mechanism to liquidate on recover from foreign assets of Indian corporate debtors which are undergoing insolvency or vice-versa also. The Model law deals with four major principles of cross border insolvency- direct access to foreign insolvency professionals and foreign creditors to participate in or commence domest
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