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Tweaking IBC for cross-border cases
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The Insolvency and Bankruptcy Code 2016 has been beefed up to suit current needs but issues still remain
Overhauling the insolvency and bankruptcy regime, India enacted the Insolvency and Bankruptcy Code 2016 in May 2016. The Code emulates UK’s insolvency laws and is customised for India. While it has been trimmed and strengthened since inception to suit the current needs, a few issues still remain to be addressed. One of them is cross-border insolvency and debt resolution.
Cross-border insolvency
Currently, two provisions of the code (Section 234 and 235) deal with cross-border insolvency. They envisage entering into bilateral agreements and issuance of letters of request to foreign courts by adjudicating authorities for enforcing the provisions of the IBC with regard to assets of a corporate debtor located abroad. ....

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