Volume 1 Issue 1
Volume 1 Issue 1
Devising a Legal Mechanism in India for Resolving Cross-Border Insolvency
By Shefali Prasad,
Student , Symbiosis Law School , Hyderabad
Abstract
The volume of transnational business transactions has increased exponentially, and along with it,
so has the need for consonance on cross-border insolvency laws across different jurisdictions. Not
only does a strong framework addressing multinational default aid the economy of a country, it
also aligns the country’s laws with the international consensus. India has emerged as an important
economy to the world. However, the legal framework for cross-border insolvency has been
inadequate. Moreover, the pandemic has imposed a mandatory pause and left businesses in an
unprecedented situation. Appropriate measures for the future are crucial to safeguard the interests
of businesses as well as of their creditors.
This article aims to make a comprehensive study of the cross-border insolvency regime of India
to recognize the needs of the law required in the Indian, particularly in reference to adoption of
the UNCITRAL Model Law for cross-border insolvency as it is the most significant and
comparatively widely accepted piece of law for the subject. The article studies the existing legal
regime and the need for law specific to cross-border insolvency. It examines the workability of
incorporation of the UNCITRAL Model Law in India with a cross-jurisdictional analysis of various
states which have adopted the law with or without variations to it. Finally, the article critically
analyzes the draft law proposed for India in light of the objectives it aims to achieve and
contemporary trends emerging in this area
Recommended Citations :
OSCOLA
Shefali Prasad, ‘Devising a Legal Mechanism in India for Resolving Cross-Border Insolvency’, [2020] 1 IJBLS
https://intbusinesslaw.com/devising-a-legal-mechanism-in-india-for-resolving-cross-border-insolvency/
https://intbusinesslaw.com/devising-a-legal-mechanism-in-india-for-resolving-cross-border-insolvency/
Bluebook 19th Ed.
Shefali Prasad, Devising a Legal Mechanism in India for Resolving Cross-Border Insolvency, 1 IJBLS 1, 1-13 (2020).