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ARTICLE · 29 JUNE 2017

Cross Border Insolvency: A New Regime

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The Indian Insolvency and Bankruptcy Code, 2016 (Code), which came into effect on May 28 2016 provides a consolidated framework for the insolvency of companies, limited and unlimited liability partnerships...

IndiaInsolvency/Bankruptcy/Re-Structuring
Bornali Roy
Bornali Roy
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The Indian Insolvency and Bankruptcy Code, 2016 (Code), which came into effect on May 28 2016 provides a consolidated framework for the insolvency of companies, limited and unlimited liability partnerships, and individuals. The Code provides a mechanism for time-bound recovery of dues from insolvent debtors in India and for contributing to the ease of doing business in India. However, the efficiency of the Code relating to cross border insolvency is disputable.

CROSS BORDER INSOLVENCY

Cross border insolvency is not defined in the Code, but in general it may be understood as insolvency of borrowers who have assets or creditors in different jurisdictions, or are subject to insolvency proceedings in multiple jurisdictions. Therefore, cross border insolvency majorly includes three aspects:

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