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Context: Recently, the Ministry of Corporate Affairs (MCA) has published a draft framework for cross border insolvency proceedings based on the UNCITRAL (United Nations Commission on International Trade Law) model under the Insolvency and Bankruptcy Code (IBC).
About Insolvency and Bankruptcy Code (IBC)
Cross border insolvency proceedings
Current status of foreign stakeholders and courts in other jurisdictions under IBC
The UNCITRAL model
Issues with Indian framework
Since its inception, India is only one of eight countries that has been a member of UNCITRAL.
Why it is considered a step in the right direction?
Key provisions in the draft framework for cross-border insolvency
Thirdly, NCLT is vested with the power to recognize a foreign proceeding as either a “main proceeding” or a “non-main proceeding”.
Further, the NCLT has been vested with the power to impose moratoriums to preserve the assets of the foreign entity in India.
Key concerns in the draft framework for cross-border insolvency
By: Shubham Tiwari ProfileResourcesReport error
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