Govt. proposes framework for cross-border insolvency; seeks comments till December 15
The Hindu
Corporate Affairs Ministry has proposed immediate application of cross-border law for corporate debtors and personal guarantors to corporate debtors
The government is preparing to come out with a cross-border insolvency resolution framework based on the UNCITRAL model law and is proposed to be made applicable for both corporate debtors as well as personal guarantors to such debtors.
The Corporate Affairs Ministry, which is implementing the Insolvency and Bankruptcy Code (IBC), has sought comments on the draft framework till December 15.
Broadly, cross-border insolvency process pertains to those debtors having assets and creditors overseas.
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