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IBC Abstract Compressed Compressed

The document discusses the challenges of implementing an effective cross-border insolvency framework in India, highlighting the legal uncertainties and procedural obstacles within the current system. It advocates for adopting the UNCITRAL Model Law to improve judicial cooperation and streamline insolvency processes, drawing comparisons with global best practices. The research emphasizes the need for a comprehensive legal structure to enhance coordination between Indian and foreign courts, ultimately benefiting businesses and investors.

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24 views1 page

IBC Abstract Compressed Compressed

The document discusses the challenges of implementing an effective cross-border insolvency framework in India, highlighting the legal uncertainties and procedural obstacles within the current system. It advocates for adopting the UNCITRAL Model Law to improve judicial cooperation and streamline insolvency processes, drawing comparisons with global best practices. The research emphasizes the need for a comprehensive legal structure to enhance coordination between Indian and foreign courts, ultimately benefiting businesses and investors.

Uploaded by

soundsofsongs25
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Cross-Border Insolvency in India: Challenges and Global Best Practices

Geddam Joel & JR Sandlya

Research Question:

What are the key challenges in implementing an effective cross-border insolvency framework
in India, and how can global best practices help in addressing them?

Hypothesis:

The absence of a comprehensive legal framework for cross-border insolvency in India creates
legal uncertainty, delays resolution processes, and discourages foreign investment. Adopting a
structured mechanism based on the UNCITRAL Model Law will enhance judicial cooperation,
streamline insolvency proceedings, and improve creditor confidence in India’s insolvency
regime.

Abstract

Cross-border insolvency poses a major legal challenge in today's global economy. India's
developing insolvency system under the Insolvency and Bankruptcy Code (IBC) 2016,
encounters many legal and procedural obstacles when dealing with insolvency cases involving
foreign companies. This paper looks into India's current legal setup for cross-border insolvency
pointing out the gaps and problems in setting up an effective resolution process. The research
looks at the UNCITRAL Model Law on Cross-Border Insolvency and compares how India
handles these cases with the best practices used around the world, like in the United States,
United Kingdom, and Singapore. A deep look at important cases, including the Jet Airways
bankruptcy, shows how complex insolvency proceedings can get when they involve multiple
countries. This study evaluates the suggested framework for cross-border insolvency in India
and how it might affect businesses, creditors, and investors from other countries. It makes a
case for a thorough legal structure to boost teamwork between Indian and foreign courts
ensuring a smooth and clear insolvency resolution process. This research offers suggestions to
bring India's cross-border insolvency system in line with global standards, enhance
coordination between courts, and tackle key issues. These include acknowledging foreign
proceedings fostering cooperation among insolvency experts, and enforcing court decisions.

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