‘Economic Survey 2022’ calls for standardised Cross-Border Insolvency framework
The Hindu
The proposal to frame a robust cross border insolvency framework has already been highlighted in the report of the Insolvency Law Committee
The has called for a standardised framework for Cross-Border insolvency as the Insolvency & Bankruptcy Code (IBC) at present does not have a standard instrument to restructure the firms involving cross border jurisdictions leading to several issues.
The proposal to frame a robust cross border insolvency framework has already been highlighted in the report of the Insolvency Law Committee (ILC) which hadrecommended the adoption of the United Nations Commission on International Trade Law (UNCITRAL) with certain modifications to make it suitable to the Indian context.
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