Budget 2019: Welcome changes in fiscal laws, says Shardul Shroff

The Budget makes several futuristic announcements to stir foreign investment

Clearly the cross-border insolvency law, consistent with the UNCITRAL Model with least intrusion into each country’s domestic insolvency laws, is imminently likely to be introduced as new law. The framework law for group insolvency and cross-border insolvency of group companies cannot be far behind, to tackle the realities of global insolvency. Personal insolvency, partnership insolvency, personal guarantor insolvency have several social complexities and the odium attached to a “diwaliya” will open a Pandora’s box.  But that has not precluded the government’s desire to plug the gaping holes in the laws.