Cross-border insolvency rules: How they impact creditors, investors

Model Law will provide increased avenues for cooperation and communication between the NCLT and foreign courts, and Indian and foreign insolvency representatives

Recently, the Insolvency Law Committee, constituted by the Ministry of Corporate Affairs, published its second report, which recommends adoption of the UNCITRAL Model Law on Cross-Border Insolvency, 1997, (Model Law) into the Insolvency and Bankruptcy Code (IBC), with certain modifications. The Model Law has been adopted globally by 44 countries, including the United States, the United Kingdom, Singapore, South Africa and Mexico. Vedika Mittal Kumar, senior research fellow, Vidhi Centre for Legal Policy, explains key principles behind the Model Law and how the rules will play out in practice

How will the Model Law impact ongoing IBC proceedings?
 

On adoption of