GLOBAL WINGS FOR INSOLVENCY LAW
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 31-10-2018<\/p>\n
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.
\nGovernment of India had on 16 November, 2017 appointed 'Insolvency Law Committee' headed by Secretary of<\/p>\n
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\nIt has the following underlying advantages:
\n(i) Increasing foreign investment
\n(ii) Flexibility amongst different insolvency laws
\n(iii) Protection of domestic interest \/ public interest
\n(iv) Preference to domestic proceedings
\n(v) Mechanism for cooperation and coordination between courts, professionals etc.
\nIt 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.
\nThe proposed law on CBI is likely<\/p>\n
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\n * creditors in a foreign country have an interest in requesting the commencement of, or participation in, a proceeding under this Code.
\nIt 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.
\nThe 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.
\nThe Model law deals with four major principles of cross border insolvency- direct a<\/p>\n
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